Project Snapshot

Takoma Overlook Condominiums

About the Building

212-unit affordable residential condominium in a high-rise in Takoma Park, Maryland

Property Upgrade Summary

Energy Efficiency upgrades including boilers, domestic water heaters, a new cogeneration system for on-site power on‐site and domestic hot water, switchgear, occupancy‐sensing thermostats, new ultra‐high‐efficiency motors to system pumps, and an EV Charger in the parking lot. Improvements support reduction in energy consumption by 20%.

Green Bank Financing

$837,000 CLEER Loan by Sandy Spring Bank and a $200,000 bridge loan by the Green Bank and City First Enterprises. Closed December 2019.

About the Project

The Board and residents of Takoma Overlook spent a couple years exploring the options to conduct needed energy efficiency improvements to their property. In 2019, the association pursued a comprehensive set of improvements to reduce operating costs associated with the aging systems and also find savings in the reduced energy consumption. With all replacements undertaken, the property’s average annual energy consumption savings is projected at almost $75,000 kWh per year and reduction in greenhouse gas emissions of 500 metric tons annually.

Financing Details

The Green Bank with Sandy Spring Bank and City First Enterprises provided the capital necessary for the HVAC replacement.

Total Cost for Project$1,500,000
CLEER Program Loan (Sandy Spring Bank)$837,000
Bridge Loan (City First Enterprises and Green Bank)$200,000
Maryland Energy Administration$75,000
Pepco Incentives$14,000
Other Capital$374,000

Montgomery County Green Bank’s Role

The CLEER Program of the Montgomery County Green Bank brought the partner and the needed loan capital from Sandy Spring Bank. The Green Bank also worked with City First Enterprises, a local community development financial institution, to provide a short-term facility for the Association to meet its capital requirements for the loan.