About the Project:

8101 Connecticut Avenue Condominium will use a CLEER loan 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 Green Bank—in partnership with Sandy Spring Bank—provided $3.2 million to finance the project.

Montgomery County Green Bank’s Role

Through the Montgomery County Green Bank’s CLEER program, the condominium’s interest rate is reduced by 50 basis points, saving the condominium $15,000 annually in debt service. Combined with the $25,000 annual energy savings, 8101 Connecticut Avenue Condominium will save $40,000 annually through this transaction and $480,000 over the 10-year amortizing payment period 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 Commercial Loan for Energy Efficiency and Renewables (“CLEER”) by the Montgomery County Green Bank and Sandy Spring Bank.

For those who can benefit from decreasing operating expenses because of energy efficient equipment, infrastructure, and their physical space, the CLEER program is a way to make those investments in a way that generates net positive cash flow.

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