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Energy and Water Upgrades to Century-old Building

Location

Chicago , IL

Project Overview

Lender: 
Community Investment Corporation
Lender Type: 
CDFI
Property Type: 
Unsubsidized
Property Ownership: 
Non-profit
Deal Overview: 

Corner brick 3-story building, built 1909, located in low-mod income census track. Upgrades included gas forced air furnaces (95%+ AFUE); roof cavity air seal and insulation (R-49); exterior wall insulation (R-19); ENERGY STAR refrigerators; High efficiency DHW heaters (90%); LED lighting; Low flow faucets; WaterSense toilets; Efficient windows - Advance Windows series 6000

Improvements Covered: 
Energy efficiency, Water efficiency
Type of Project: 
Acquisition/Rehab
Buildings: 
1
Total Units: 
8

Financing Details

Financing Type: 
Construction/Rehab, Mini-Permanent/Permanent
Total Delivery Cost: 
$427,500
Borrower Equity: 
$127,140
Loan 1 Amount: 
$427,500
Loan 1 Term: 
10
Loan 1 Repayment Source: 
Utility and operations savings; rental income
Incentives/Rebates: 
<$5,000
Completion Status: 
Completed

Underwriting Considerations

Security: 
Secured - real estate
Recourse: 
Full recourse
Expected Annual Income: 
$39,088
Debt Service Coverage Ratio: 
1.34
Project Affordability Criteria: 
Projected rents are at or below 60% AMI
Projected Energy Savings Calculation Methodology: 
Comparable to ASHRAE Level 1+; BPI Standard Practice for Multifamily Energy Auditing

Additional Information

Point of Contact : 
Katherine Elmore, Energy Savers Manager, 312-870-8067, [email protected]