Location
Middletown
, CT
Project Overview
Lender:
Capital for Change
Lender Type:
CDFI
Borrower:
Middletown Heritage Associates
Property Type:
Unsubsidized
Property Ownership:
For-profit
Deal Overview:
Retirement home serving predominantly elderly residents on fixed incomes. Constructed in 1988 and is a grade level C building. There are four stories, no basement, double pane windows, and a flat roof with a rubber membrane. Building is constructed with masonry and steel framing and brick veneered. Upgrades undertaken are lighting upgrades, boiler replacements (oil to gas), heat pump replacements, rooftop unit replacements, variable frequency drives. The LIME program is supported by a credit enhancement from the Connecticut Green Bank.
Improvements Covered:
Energy efficiency, Health/Safety
Type of Project:
Retrofit/Renovation
Buildings:
1
Total Units:
89
Financing Details
Financing Type:
Mini-Permanent/Permanent
Total Delivery Cost:
$1,092,172
Borrower Equity:
$20,898
Loan 1 Amount:
$960,000
Incentives/Rebates:
$111,274
Completion Status:
Completed
Underwriting Considerations
Security:
Unsecured
Expected Annual Income:
$746,184
Debt Service Coverage Ratio:
1.23
Project Affordability Criteria:
78 of the 82 current residents (95%) have incomes below 80% of area median income (AMI), which satisfies the LIME program requirement that 60% of units must be affordable at or below 80% AMI. In addition, there are existing Connecticut Housing Finance Authority (CHFA) affordability restrictions in place at the property, which will remain until the maturity of the LIME loan (the financing will co-terminate with the CHFA mortgages).
Projected Energy Savings Calculation Methodology:
ASHRAE Level II
Percentage Projected Energy Savings Discounted for Use in Underwriting :
100%
