Takoma Overlook, a large residential condominium property, recently closed on two loans supported by the Montgomery County Green Bank to support a $1.5 million energy improvement renovation at the property occurring over next few months.
Revere Bank made a $830,000 CLEER Program loan through its partnership with the Green Bank supporting over $250,000 in incentives/grants and $75,000 a year in projected energy savings. In addition, a $400,000 bridge loan was provided by City First Enterprises and the Green Bank to help the project expeditiously move forward.
“The combined approach of the CLEER and the bridge loans, which came together and closed under 60 days, demonstrates the flexibility that the Green Bank has in meeting the needs of commercial properties in the County,” said Mike Cain with Era Building Solutions, the energy performance contractor for the property.
Learn more about Montgomery County Green Bank here.