The Olney Professional Building, a a three-story, 20,000 sq ft commercial property located at 17904 Georgia Ave in Olney, will undergo energy efficiency renovations using tailored financing from the Green Bank and Sandy Spring Bank. The energy efficiency upgrades include HVAC, building envelope, roof, insulation, and windows (including design and contingency). The funding will also include renovations for the elevator, asphalt, landscaping, storm drain, curbs, and a parking lot. These energy conservation measures will result in 29,328 kWh in energy savings and $7,000 in annual savings for the building.
The Green Bank—in partnership with Sandy Spring Bank—provided structured financing with a 12-month draw period followed by P&I payments based on a 10-year fully amortizing loan. Due to the Montgomery County Green Bank’s participation, the Olney Professional Building received a blended interest rate on the loan for $2.9 million.
'
