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Gut Renovation Complete with Solar in a Low-Rise, Mixed Use Building


Poughkeepsie , NY

Project Overview

Community Preservation Corporation (CPC)
Lender Type: 
Property Type: 
Property Ownership: 
Deal Overview: 

This property was renovated with partial funding from a city initiative to revitalize blighted areas of the community. The highlight of several green features is a 5 kilowatt (kW) solar photovoltaic (PV) array on the roof, which generates electricity for the common areas and is net-metered to the utility, allowing the owner to sell excess energy produced by the system back to the grid. Residential areas are served by efficient heating and cooling from a ground source heat pump system, which circulates groundwater from 21 wells under the parking lot. Compared to a conventionally designed building of similar size, the subject property saves 39% on total utility expenses. The ground source heat pump and solar PV panels help offset the costs of this thoroughly renovated, energy efficient building.

Metering Configuration: 
Ground water for heat pumps, hot water, water & sewer paid by owner
Improvements Covered: 
Energy efficiency, Renewable energy
Type of Project: 
Total Units: 

Financing Details

Financing Type: 
Total Delivery Cost: 
Borrower Equity: 
Loan 1 Amount: 
Loan 1 Repayment Source: 
Utility and operations savings; rental income
Completion Status: 

Underwriting Considerations

Expected Annual Income: 
Historical NOI is $418,860, but income with energy savings (adjusted NOI) is $439,860. This unlocked an additional $221,217 in available loan proceeds.
Debt Service Coverage Ratio: 
Percentage Projected Energy Savings Discounted for Use in Underwriting : 

Additional Information

Point of Contact : 
Atalia Howe, Manager of Sustainability Programs, Community Preservation Corporation (CPC), [email protected]
Additional Information: 
Estimated $20,000 in annual savings