New York City’ First Green Loan Issued to 111 Wall Street Owners
Co-owners Wafra Capital Partners and Nightingale have secured $89 million in financing through New York City’s new green loan initiative, the Commercial Property Assessed Clean Energy program. The new loan that will cover retrofitting costs at 111 Wall Street marks the first to be issued by the program which serves as the “city’s solution to the real estate community’s hesitancy to make expensive renovations” to help them meet Local Law 97’s emissions caps. Administered by the New York City Energy Efficiency Corp., the program’s loans cover 100% of project costs and usually have terms of 20 to 30 years.