Location
Bronx
, NY
Project Overview
Lender:
Community Preservation Corporation (CPC)
Lender Type:
CDFI
Property Type:
Subsidized
Property Ownership:
For-profit
Deal Overview:
This building was in poor physical condition and relied on outdated heating and distribution systems. Working with the city and state government partners, CPC provided a construction loan for rehabilitation and efficiency upgrades that included roof replacement, low-flow water fixtures, envelope insulation, and a new boiler. As a result of the comprehensive energy retrofit this building went through, the property reduced its gas bill by $700 per dwelling unit and saved 32% on the total annual utility cost
Metering Configuration:
Heat, hot water, water & sewer utilities paid by owner
Improvements Covered:
Energy efficiency, Water efficiency
Type of Project:
Retrofit/Renovation
Buildings:
1
Total Units:
35
Financing Details
Financing Type:
Construction/Rehab, Mini-Permanent/Permanent
Total Delivery Cost:
$4,861,045
Borrower Equity:
$372,371
Loan 1 Amount:
$1,145,000
Loan 1 Term:
30
Loan 1 Repayment Source:
Utility and operations savings; rental income
Loan 2 Amount:
$1,145,000
Loan 2 Term:
2
Loan 2 Repayment Source:
Permanent loan
Loan 3 Amount:
$2,198,674
Loan 3 Term:
30
Loan 3 Repayment Source:
Utility and operations savings; rental income
Completion Status:
Completed
Underwriting Considerations
Security:
Secured - real estate
Recourse:
Full recourse
Expected Annual Income:
Historical NOI is $132,734, but income with energy savings (adjusted NOI) is $151,144. This unlocked an additional $194,174 in available loan proceeds.
Debt Service Coverage Ratio:
1.25
Percentage Projected Energy Savings Discounted for Use in Underwriting :
50%
