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Multifamily Passive House in Low-Rise New Construction


New York City , NY

Project Overview

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

This multifamily building boasts ultra-low energy use because it’s built to Passive House construction standards. Lower energy consumption results in lower monthly costs for the owner and residents. Measures like continuous air sealing and insulation help to regulate temperature and air quality, while also controlling odor and noise in each unit. These features maximize safety, comfort and affordability for residents, as well as improve the project’s bottom line. This property spends substantially less on gas heating and hot water than a conventional property, thanks to its super-insulated, airtight envelope, energy recovery ventilation, and solar thermal water heating system. The low heating load of the building also meant smaller (and less expensive) boilers could be installed, which helped to keep construction costs down.

Metering Configuration: 
Heat, hot water, water & sewer utilities paid by owner
Improvements Covered: 
Energy efficiency
Type of Project: 
New Construction
Total Units: 

Financing Details

Financing Type: 
Total Delivery Cost: 
Loan 1 Amount: 
Loan 1 Term: 
Loan 1 Repayment Source: 
Utility and operations savings; rental income

Underwriting Considerations

Secured - real estate
Expected Annual Income: 
Historical NOI is $106,076, but income with energy savings (adjusted NOI) is $130,646. This unlocked an additional $357,467 in available loan proceeds.
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 $24,570 in annual savings