Location
Walkill
, NY
Project Overview
Lender:
Community Preservation Corporation (CPC)
Lender Type:
CDFI
Property Type:
Subsidized
Property Ownership:
For-profit
Deal Overview:
This complex provides supportive services for residents with developmental and physical disabilities. Each apartment unit is certified under ENERGY STAR Homes Version 3.0 and has passed a blower door test for airtightness. The property features ample community spaces and modern amenities, in addition to energy-efficient appliances, in-unit thermostats, and low-e argon-filled windows.
Metering Configuration:
Heat, hot water, water & sewer utilities paid by owner
Improvements Covered:
Energy efficiency, Water efficiency
Type of Project:
New Construction
Buildings:
3
Total Units:
78
Financing Details
Financing Type:
Construction/Rehab, Mini-Permanent/Permanent
Total Delivery Cost:
$8,000,000
Tax Equity:
$4,875,000
Loan 1 Amount:
$2,625,000
Loan 1 Term:
30
Loan 1 Repayment Source:
Rental income
Loan 2 Amount:
$800,000
Loan 2 Term:
2
Loan 2 Repayment Source:
Permanent loan, tax credit equity
Completion Status:
Completed
Underwriting Considerations
Security:
Secured - real estate
Recourse:
Full recourse
Expected Annual Income:
Historical NOI is $142,139, but income with energy savings (adjusted NOI) is $158,139. This unlocked an additional $377,700 in available loan proceeds.
Debt Service Coverage Ratio:
1.52
Percentage Projected Energy Savings Discounted for Use in Underwriting :
50%
