The Green Bank’s CLEER loan was recently used to finance a major energy efficiency improvement.
Recurrent Innovative Solutions, LLC and Revere Bank recently used the Montgomery County Green Bank’s Commercial Loan for Energy Efficiency and Renewable (CLEER) program to fund an energy efficiency project in Bethesda.
The $200,000 CLEER loan closed in June 2019 and supports an office property in Bethesda. The loan will pay for installation of a rooftop HVAC system and controls, which is the final effort on a series of energy efficiency renovations that Recurrent has done to this property. The loan from Revere Bank will be a 12-year loan at 6.125% and secured by a UCC on the asset; there is no lien on the property. The project will result in about 17% of energy savings for the property and was able to secure $12,000 in incentives from Pepco. Revere Bank processed the approval of this loan within 2 weeks of documents being submitted.
“The CLEER process was straight-forward and moved efficiently. The property owners were pleased with the bank’s proposal. The loan allowed the owner to take care of this important piece of deferred maintenance, drive down energy costs and improve comfort for the building occupants.” Keith Derrington, Chief Operating Officer – Recurrent Innovative Solutions, LLC.
“CLEER allowed us to provide flexibility for this owner to meet its needs. The interactions with the Green Bank and Recurrent were simple and quick. This helped us to efficiently underwrite and approve this loan and be responsive to the owner’s timetable.” Horacio Chacon – Revere Bank