The Montgomery County Green Bank (Green Bank) and National Capital Bank (NCB) have collaborated to provide a customized financing solution for an energy efficiency project at Kenwood House Cooperative (Kenwood House) in Chevy Chase, MD. Through a participation loan transaction totaling $1,200,000, Kenwood House will implement crucial upgrades such as a domestic hot water heating system, building envelope improvements, and electric vehicle charger infrastructure. This groundbreaking financing structure marks a significant milestone for the partnership between the Green Bank and National Capital Bank.
“We are delighted to collaborate with National Capital Bank for our inaugural venture at Kenwood House. This project exemplifies the very essence of the Green Bank’s mission to forge innovative partnerships in order to provide clean energy solutions that benefit the entire County,” says Steve Morel, CEO, Montgomery County Green Bank. “This customized loan structure further demonstrates our adaptability and commitment to crafting personalized solutions that precisely cater to specific financing requirements.” Kenwood House investment, supporting an overall $2 million capital improvement project at Kenwood House, was made possible through the flexible and affordable financing provided by the Green Bank and National Capital Bank. As a result of their participation, Kenwood House secured a blended interest rate on the loan, ensuring a cost-effective and favorable financial arrangement.