About the Project:
Seneca Village Apartments is a 684-unit affordable multifamily property in Gaithersburg, MD. With funding from the Green Bank, in partnership with Virginia Community Capital and NYCEEC, Seneca Village Apartments will install new energy-efficient roofs with reflective coating and a 2.18 MW rooftop solar array by Patuxent and Solar Energy Services. The $11.4 million project is the largest rooftop solar project on a multifamily property in the Montgomery County. The property will save 2,583,535 kWh in energy, generate more than $300,000 in annual savings, and mitigate 2,000 metric tons of carbon dioxide greenhouse gas emissions per year.
The Green Bank—in partnership with Virginia Community Capital and NYCEEC—provided an Innovative solution for a financial structure that allows for deploying clean energy on multifamily properties with Fannie/Freddie mortgages. Multifamily properties with Fannie/Freddie mortgages represent over 50% of the market. This structure will catalyze significantly more clean energy transactions.
Montgomery County Green Bank’s Role
Due to the Montgomery County Green Bank’s and partners’ participation, Seneca Village Apartments received a blended interest rate on the loan.
Seneca Village Apartments, located in Gaithersburg, MD, is a 58-building, 684-unit affordable multifamily apartment complex originally constructed in 1973 and sits on 40 acres of land.
Property Upgrade Summary:
Energy-conserving roof replacements and the installation of a 2.18MW roof-mounted solar PV system.
$5 million participation loan by the Montgomery County Green Bank, Virginia Community Capital, and NYCEEC.