Cherry Street Fuel Cell
This loan funds the purchase and installation of a commercial fuel cell that provides cost-effective, renewable energy for Cherry Street Lofts, a brownfield cleanup and redevelopment project that includes 157 residential units for families earning between 50% to 70% AMI; Great Oaks Charter School; Great Oak Charter School tutor housing; and a planned future development of 85 additional residential housing units.
Each low-income residential unit benefits by saving a projected $123 per year on their electric bill.
Loan Purpose: Mini-perm
Project: Commercial real estate
Loan Details: Partners' work with Capital For Change, the largest full-service CDFI in Connecticut, provides a $1,000,000 pari passu participation in a $3,200,00 loan.