Greystone closed the first Fannie Mae M-PIRE (Multifamily Property improvements to Reduce Energy) loan for a Bronx rental building.
The $865,000 loan was originated by Robert Meehan of Greystone and Jeff Rueb of North Coast Funding for 2705 Colden Avenue in Baychester.
The Fannie Mae M-PIRE mortgage product is available to affordable and market rate co-opand conventional rental housing owners in the five boroughs of New York City.
The loan offers a cost-effective way to both make improvements and comply with NYC energy requirements (Local Law 43 Clean Heating Oil, Local Law 84 Energy Benchmarking, and Local Law 87 Energy Audits and Retro-commissioning).
M-PIRE permits property owners to access more capital than a traditional Fannie Mae mortgage because it counts projected energy and water savings toward underwriting requirements.
Typically, energy and water costs can account for as much as 20-35 percent of a property’s operating expenses.