NYCEEC partnered with BuildForward Capital and real estate developer Urban Artisan to enable the first Passive House condominium in Manhattan. The project is a 6-unit condominium in Harlem.
NYCEEC is the lead lender, providing a $2.9M mortgage to cover construction costs.
- Project type: Passive House and energy efficiency
- Total project cost: $5.5M
- Financial product: Green mortgage
- NYCEEC role: $2.9M loan
THE CLIENT CHALLENGE
The real estate developer Urban Artisan sought flexible mortgage financing that could accommodate the complex construction schedule and needs of a highly innovative and energy efficient buildout.
Urban Artisan was planning the construction of a 6-unit condominium in Harlem built to Passive House standards. Passive House is a voluntary building standard that can result in a 90% reduction in heating and cooling energy use and 75% reduction in total energy use compared to current code-compliant building practices.
THE NYCEEC SOLUTION
NYCEEC partnered with BuildForward Capital to provide a green mortgage for the construction of Manhattan’s first Passive House multifamily condominium.
NYCEEC was the lead lender participant, providing a $2.9M mortgage to fund construction costs. This green mortgage enabled a new standard for building efficiency in New York City. There are currently only a handful of buildings in the NYC-area that are Passive House compliant or going through Passive House certification.
New construction, ultra-low energy building built to Passive House standards.
NYCEEC’s team helped Urban Artisan construct a super efficient and innovative new condominium.
- Cost efficient funding for Manhattan’s first Passive House condominium
- Healthier and super energy and cost efficient building
- Significant cost savings
“As a developer, a key challenge is to balance cost, efficiency and comfort. The solutions created by BuildForward and the capital provided by NYCEEC are extremely critical to the cost efficient funding of high energy efficiency projects.”
– David Finehirsh | Principal of Urban Artisan LLC