About the Project:
8101 Connecticut Avenue Condominium uses a Commercial Loan for Energy Efficiency and Renewables (CLEER) loan and a co-lending participation by the Green Bank to undergo renovations caused by aging infrastructure, including a new roof, new elevators, and new hot water boilers. With these energy efficiency and renewable improvements, the condominium will offset approximately $25,000 in energy costs per year. The renovation cost will be $6.9 million, of which Green Bank’s loan portion will account for energy conservation measures (“ECM’s”).
Financing Details
The project will use $3.2 million in financing provided through a CLEER loan originated by Sandy Spring Bank in conjunction with participation capital provided by the Green Bank.
Montgomery County Green Bank’s Role
Through the Montgomery County Green Bank’s CLEER program and the Green Bank participation, the condominium obtained affordable financing providing hundreds of thousands of dollars of savings over the life of the loan.
Project Snapshot
Building Type:
8101 Connecticut Avenue Condominium, located in Chevy Chase, MD, is a 40 year old, mid-size building containing 175 condominium units. The complex has three main buildings, two with five floors and one with seven floors, plus a 350-space underground garage.
Property Upgrade Summary:
Building energy efficiency and renewable upgrades to include a new roof, new elevators, and new hot water boilers.
Loan Amount:
$3.2 million, including a Commercial Loan for Energy Efficiency and Renewables (“CLEER”) by Sandy Spring Bank and participation by the Montgomery County Green Bank.
