Montgomery County, MD (July 26, 2023) – The Montgomery County Green Bank (Green Bank) and National Capital Bank (NCB) have collaborated to provide a customized financing solution for an energy efficiency project at Kenwood House Cooperative (Kenwood House) in Chevy Chase, MD. Through a participation loan transaction totaling $1,200,000, Kenwood House will implement crucial upgrades such as a domestic hot water heating system, building envelope improvements, and electric vehicle charger infrastructure. This groundbreaking financing structure marks a significant milestone for the partnership between the Green Bank and National Capital Bank.
“We are delighted to collaborate with National Capital Bank for our inaugural venture at Kenwood House. This project exemplifies the very essence of the Green Bank’s mission to forge innovative partnerships in order to provide clean energy solutions that benefit the entire County,” says Steve Morel, CEO, Montgomery County Green Bank. “This customized loan structure further demonstrates our adaptability and commitment to crafting personalized solutions that precisely cater to specific financing requirements.”
Kenwood House investment, supporting an overall $2 million capital improvement project at Kenwood House, was made possible through the flexible and affordable financing provided by the Green Bank and National Capital Bank. As a result of their participation, Kenwood House secured a blended interest rate on the loan, ensuring a cost-effective and favorable financial arrangement.
“We were happy to have the opportunity to partner with the Montgomery County Green Bank to provide our long-term customer, Kenwood House, with attractive financing for their eco-friendly property improvements. Energy conservation has always been important to us, and our community and we are proud to do our part in reducing our carbon footprint,” said Kathy Speakman, Vice President, Commercial Loan Officer with National Capital Bank.
She continued, “In 2018 we installed 60 solar panels on the roof of our headquarters building on Capitol Hill and became the first bank in DC to be powered by solar energy.”
“We look forward to hearing about the positive impact these improvements will have for both Kenwood House and the Montgomery County community.”
The implementation of the new hot water heating system, building envelope enhancements, and electric vehicle charging infrastructure will yield substantial benefits for the property. Kenwood House is projected to save 22,413 kWh in energy consumption, resulting in over $3,000 in savings annually and a reduction of 71 metric tons of carbon dioxide greenhouse gas emissions per year.
Ellen Townley, President of Kenwood House, stated that “Kenwood House strives to take environmentally friendly steps including a building-wide composting program, installing EV chargers, and using wind powered electricity. In our most recent renovation program, the Montgomery County Green Bank has been a great partner, both in making us aware of options and in financing. The Green Bank collaborated with our long-term commercial bank, National Capital Bank, to provide Kenwood House with a subsidized loan to support our latest large capital projects and facilitate our loan with no additional administrative work on our part. Both banks were incredibly responsive and patient during the planning of the projects and the structuring of the loan, and we greatly appreciate both their efforts and our anticipated savings.”
Constructed in 1962, Kenwood House is a five-story building with 70 units located on 1.62 acres of land. With its commitment to environmentally friendly practices, Kenwood House has taken several steps towards sustainability over the years and continues to strive towards a greener future while providing quality housing to its residents.
About the Montgomery County Green Bank
The Montgomery County Green Bank is an independent, 501(c)(3) nonprofit dedicated to helping businesses and residents affordably implement energy efficiency and clean energy solutions. The Montgomery County Green Bank supports Montgomery County, MD by driving investment into energy efficiency and clean energy through lending and investment partners in the region. These efforts include working with homeowners, renters, and commercial entities of all varieties. For more information, visit www.mcgreenbank.org.
Media contact: Tyniah McDuffie, Senior Manager, Communications and Community Engagement
About National Capital Bank
National Capital Bank (OTC Pink: NACB) was founded in 1889 and is Washington’s Oldest Bank. NCB is headquartered on Capitol Hill with offices in the Friendship Heights community in Northwest D.C., the Courthouse/Clarendon community in Arlington, Virginia and the Fox Hill senior living community of Bethesda, Maryland. NCB also operates residential mortgage and commercial lending offices and a wealth management services division. NCB product and service offerings include personal and business deposit accounts, robust online and mobile banking, and sophisticated treasury management solutions– all delivered with top-rated personal service. NCB is well positioned to serve the banking needs of those in our communities. For more information about NCB, visit www.nationalcapitalbank.bank
Media Contact: Jimmy Olevson, President & CEO