About the Project:
The Olney Professional Building is a commercial property in Olney, MD. To help restore aging infrastructure, Olney Professional Building will undergo energy efficiency renovations using tailored financing from the Green Bank and Sandy Spring Bank. The energy efficiency upgrades include HVAC, building envelope, roof, insulation, and windows (including design and contingency). The funding will also include renovations for the elevator, asphalt, landscaping, storm drain, curbs, and a parking lot. These energy conservation measures will result in 29,328 kWh in energy savings and $7,000 in annual savings for the building.
Financing Details
The Green Bank—in partnership with Sandy Spring Bank—provided structured financing with a 12-month draw period followed by P&I payments based on a 10-year fully amortizing loan.
Montgomery County Green Bank’s Role
Due to the Montgomery County Green Bank’s participation, the Olney Professional Building received a blended interest rate on the loan.
Project Snapshot
Building Type:
The Olney Professional Building, located in Olney, MD, is a three-story, 20,000 sq ft commercial building.
Property Upgrade Summary:
Energy efficiency renovations, including HVAC, building envelope, roof, insulation, and windows.
Loan Amount:
$2.9 million participation loan by the Montgomery County Green Bank and Sandy Spring Bank.
