Page 49 - BusinessWest September 15, 2021

Greener Days
New Financing Program to Fund Energy Improvements at 56 Bank Row
MassDevelopment announced that Abercrombie Greenfield, LLC will receive $450,000 in
financing for energy improvements to its office building at 56 Bank Row in Greenfield, the first project financed under the agency’s new Property Assessed Clean Energy (PACE) Massachusetts program.
Through PACE Massachusetts, capi-
tal provider Greenworks Lending from Nuveen will provide financing for a range of energy upgrades that were installed to the building, including efficient electrifi- cation of space heating, energy-recovery ventilation, LED lighting and controls, improvements to windows and insulation, and a solar photovoltaic system on the roof. This financing will be repaid via a betterment assessment on the property.
“PACE Massachusetts stands to be a key financing tool for making commercial properties more energy-efficient,” said Housing and Economic Development Secretary Mike Kennealy, who serves as chair of MassDevelopment’s board of directors. “These efforts will benefit the Commonwealth and its communities by creating jobs, reducing energy consump- tion, and making progress towards Mas-
sachusetts’ clean-energy goals.” MassDevelopment President and CEO
Dan Rivera noted that energy upgrades at 56 Bank Row are the first to be financed under PACE Massachusetts. “We encour- age property owners throughout the Commonwealth to consider how this
“
Abercrombie Building rescued a blighted historic property that was structurally failing.”
flexible, long-term financing tool can help them tackle an energy-improvement project.”
Launched in July 2020, PACE Mas- sachusetts is a new long-term option for financing energy improvements to com- mercial and industrial buildings, multi-
Energy
Continued on page 70
The renovation of the
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SEPTEMBER 15, 2021 49
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