Location
Westfield
, MA
Project Overview
Lender:
Boston Community Capital
Lender Type:
CDFI
Borrower:
Peabody Property, Inc.
Deal Overview:
Peabody Property’s energy and water upgrades at Powdermill Village delivered better performance and major savings - reducing the site’s utility expenses by more than 50 percent. With 12 months of post-upgrade utility data available, the results are dramatic. Across the 12 buildings, electricity use decreased 64 percent and water consumption dropped 29 percent. Heating energy, which compares the energy required to heat the buildings through the oil-fired boilers to that of the new gas-fired systems, decreased 40 percent. These utility performance improvements save the property $118,600 in avoided annual operating expenses.
Improvements Covered:
Energy efficiency, Water efficiency
Type of Project:
Retrofit/Renovation
Buildings:
12
Total Units:
250
Financing Details
Total Delivery Cost:
$3,050,000
Loan 1 Amount:
$3,000,000
Loan 1 Repayment Source:
Utility and operations savings; rental income
Incentives/Rebates:
$50,000
Completion Status:
Completed