Making Construction Affordable and Green
Bank of America took part in a project in Harlem that was the largest "green," affordable multi-family building constructed in the United States. "1400 on Fifth", the name of the project, consists of 129 condominium homes, plus retail space. More than two-thirds of the residential units were reserved for middle-income buyers, while the rest will go at market prices. Meanwhile, the 225,000-square-foot building was designed to use 70 percent less energy than comparable buildings; and over 60 percent of the building was constructed from recycled or renewable resources. Each home also has been designed with filters to get rid of outside air pollutants. Bank of America provided construction and mezzanine financing of about $28.7 million.
Copyright © 2005 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 15, No. 2, 4/05
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