Built in 1960, Franklin Plaza is an affordable multifamily co-op in East Harlem with 14 20-story buildings and 1,632 units.
The co-op wanted to update its building systems and upkeep maintenance. NYCEEC’s $285,000 credit enhancement enabled a $3.8M green mortgage from NYC Housing Development Corporation and NYC Housing Preservation & Development, allowing the co-op to upgrade its property and comply with the local laws.
- Project type: Energy efficiency and fuel conversion
- Total project cost: $3.8M
- Financial product: Green mortgage
- NYCEEC role: $285,000 credit enhancement
THE CLIENT CHALLENGE
Franklin Plaza was enthusiastic about the significant opportunity to save money through energy efficiency upgrades, but lacked the technical expertise and financial resources to make it happen. Franklin Plaza was in the process of refinancing its mortgage with the NYC HDC.
THE NYCEEC SOLUTION
Franklin Plaza sought a green mortgage from HDC’s and NYCEEC’s Program for Energy Retrofit Loans (PERL) to get additional loan proceeds to improve its building systems.
Through PERL, Franklin Plaza received an additional $2M specifically for energy efficiency upgrades, as part of a larger $36.7M renovation and refinancing. NYCEEC provided the co-op with technical assistance, helping them prioritize the energy efficiency upgrades that would modernize the facility and help keep apartments affordable.
Heavy #6 oil to natural gas conversion, separation of heat and hot water systems, elimination of wasteful steam pipe, steam distribution improvement
NYCEEC’s team helped this property achieve the following results:
- Co-op included energy upgrades as part of larger capital project
- Preserved affordability and improved building comfort for co-op residents
- Substantially modernized facility and upgraded building systems
- Unlocked additional $1.8M loan from NYC HPD
“Beyond their financial assistance, NYCEEC’s technical expertise has helped us to encourage borrowers to incorporate important cost-saving capital improvements into their final scopes of work.”
– Diana Glanternik | Assistant VP, HPD