Bank Row in Greenfield gets a makeover with a new energy program
GREENFIELD, Mass. (WWLP) – A 125-year-old building in Greenfield will receive $ 450,000 in funding for energy upgrades as part of a new mass development program.
The first project funded under the agency’s new Property Assessed Clean Energy (PACE) Massachusetts program is the renovation of the office building at 56 Bank Row in Greenfield. Through PACE Massachusetts, Nuveen’s capital provider Greenworks Lending will fund a series of energy upgrades that have been installed in the building, including the efficient electrification of space heating, energy recovery ventilation, l LED lighting and controls, improved windows and insulation, and a solar photovoltaic (PV) system on the roof. This financing will be repaid via an improvement appraisal on the property.
PACE Massachusetts is a long-term option to finance energy improvements in commercial and industrial buildings, multi-family properties of five or more units, and buildings owned by non-profit organizations. The program allows commercial property owners to fund energy efficiency and renewable energy projects by accepting a home improvement appraisal, which repays the funding. Offering more flexibility than a direct loan, PACE Massachusetts allows homeowners to undertake full energy upgrades without adding new debt to their balance sheet and with longer financing terms of up to 20 years.
Cities in Massachusetts are required to join PACE Massachusetts by a majority vote of the city or city council or board of directors, as the case may be, in order for a property in that municipality to be eligible for the program. Forty-seven towns and villages have chosen to participate; the city of Greenfield was one of the first to do so in April 2018.
Built in 1896, 56 Bank Row is a 12,696 square foot office building. The energy upgrades are expected to save 189,000 kWh from the grid per year compared to a building constructed under the current Massachusetts energy efficiency code. This equates to an overall reduction of 28%. Bradley McCallum, the owner of the building, plans a ribbon cutting dedication for the building on September 8 at 11:30 a.m.
“The Abercrombie Building renovation saved a dilapidated historic property that was structurally failing,” said Bradley McCallum. “The project combines factors such as a long-term lease with the Northwest District Attorney’s Office, historic federal and state tax credits, innovative design by Tom Douglas Architects and a committed entrepreneur, Mowery & Schmidt, and their team of subcontractors. Thanks to this team, we were able to transform the bones of this historic structure into a vibrant resource for the Town of Greenfield. As with projects of this ambition and scale, we have faced cost overruns and one of the positive contributions PACE Massachusetts is providing to Abercrombie Greenfield is the ability to retroactively refinance key energy efficiency investments. that we have completed and consolidate the current bridge financing and private loans into a fixed 20 year repayment structure, providing credit in excess of the 80% LTV, to which our primary mortgage with Berkshire Bank is capped. Berkshire Bank, which is our tax credit investor and lender, worked in partnership with Abercrombie Greenfield to secure our PACE Massachusetts funding. “
In fiscal 2020, MassDevelopment funded or managed 341 projects generating investments of more than $ 2.69 billion in the Massachusetts economy. These projects should create or support 10,871 jobs and build or preserve 1,787 housing units.
MassDevelopment administers PACE Massachusetts in consultation with the Massachusetts Department of Energy Resources (DOER). More information about the program is available at massdevelopment.com/PACE.