NYCEEC Closes Market-Leading Green Mortgage for Passive House Condominium Project

NEW YORK, Dec. 18, 2014 /PRNewswire/ -- The New York City Energy Efficiency Corporation (NYCEEC), a leading provider of clean energy and energy efficiency financing solutions, is providing a green mortgage to a new Passive House multifamily development in Harlem. Passive House is a voluntary international building standard that results in approximately 90% reduction in heating and cooling energy use and up to a 75% reduction in total energy use compared to current code-compliant building practices. There are only a handful of buildings in the NYC area that are currently Passive House compliant or going through Passive House certification.

"We see this as a groundbreaking deal that produces significant energy savings and serves as a model for future multifamily projects," said Jay Merves, Director of Business Development at NYCEEC.  "We are excited to be enabling a new standard for building efficiency in the city."

NYCEEC is the lead lender in the financing solution created by BuildForward Capital LLC, a NYC based financing company set up specifically to finance construction of Passive House and other energy efficient buildings.

"BuildForward and NYCEEC have a shared vision for a clean energy future and together we are leading the market" said Melissa Ruttner, president of BuildForward Capital LLC.  "As BuildForward builds upon its success in financing Passive House projects, we look forward to working with the NYCEEC team again." Also pivotal to the success of the project is the vision of real estate developer, Urban Artisan.

"As a developer, a key challenge is to balance cost, efficiency and comfort" said David Finehirsh, Principal of Urban Artisan LLC. "The solutions created by BuildForward and the capital provided by NYCEEC are extremely critical to the cost efficient funding of high energy efficiency projects"  

About NYCEEC
NYCEEC is a specialty finance non-profit that develops financing solutions for projects that save energy or reduce greenhouse gases. NYCEEC's custom-tailored solutions solve financing gaps for building owners and clean energy project developers.

NYCEEC is not an agency or unit of the City of New York, New York State, or any governmental body.

For more information about NYCEEC, visit www.NYCEEC.com or call (646) 797-4630.

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SOURCE NYCEEC

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