Fannie Mae closes 500th green multifamily financing deal of 2017

Oct. 11, 2017

iStock photo

Fannie Mae has closed its 500th green financing transaction of 2017, a portfolio of 10 multifamily properties, demonstrating the broad market adoption of Fannie Mae's green finance program.
 

The transaction is a significant milestone for the Fannie Mae Green Financing business that provides social, environmental and financial benefits to the market, officials said in a release. As of the second quarter of 2017, since its inception, Fannie Mae's Green Financing business is projected to save enough energy to power 31 million cell phones and save the equivalent of 15.6 billion glasses of water annually.


Fannie Mae green loans are secured by multifamily properties that either are targeting a 20 percent or greater in energy or water consumption or have been awarded a green building certification, such as LEED or ENERGY STAR. Fannie Mae introduced its green financing products to the market in 2012 and securitizes the loans as Green MBS. Fannie Mae has grown its green financing book business each year, culminating in the issuance of more than $10 billion in the first half of 2017.


The portfolio of 10 multifamily properties is owned by Goldrich Kest of Culver City, Calif. The $179.6 million portfolio consists of 1,252 units throughout California, including San Jose, San Francisco, Oakland, Los Angeles, Orange County and San Diego. The average age of the properties in the portfolio is 44 years. 


The Fannie Mae Multifamily Green upgrades are projected to save the Goldrich Kest portfolio a total of 16.6 million gallons of water and 9.2 million kBTU annually, and include investing in energy-efficient lighting systems, replacing refrigerators with ENERGY STAR-rated refrigerators, and installing low-flow faucets, showerheads and toilets. In addition to the positive environmental impact the upgrades provide, tenants will benefit from increased affordability, saving an average of $95 each year on their utility bills.


On average, each property is projected to reduce its utility expense by more than $26,000 a year.


Fannie Mae Multifamily relies on its Delegated Underwriting and Servicing (DUS) program to finance rental housing. The DUS lender for the Goldrich Kest portfolio is Walker & Dunlop of Bethesda, Maryland.

 


Topics: Associations / Organizations, Brick - All Applications, Construction Firms, Energy Saving Products, Engineering Firms, Financial Institutions, Sustainable Communities, Urban Planning and Design


Sponsored Links:


Related Content


Latest Content

Get the latest news & insights


NEWS

RESOURCES

TRENDING

FEATURES

RESEARCH CENTERS


Agricultural and Farm Buildings
Architectural Firms
Automation and Controls
Building Owners and Managers
Certifications
Construction Firms
Data Centers - Mission Critical Information Centers
Daylighting / Skylights / Natural Lighting
DC Power & DC Applications
Educational Buildings - Colleges and Universities
Educational Buildings - K through 12
Electricity - Electrical and Energy Solutions
Energy Audit / Energy Management
Energy Recovery & Heat Recovery Ventilation
Energy Saving Products
Engineering Firms
Exteriors
Flooring
Geothermal Heating and Cooling
Government Buildings - Federal / State / Local
Great Commercial Buildings
Green Roofs / Garden Roofs
Healthcare - Hospitals & Medical Facilities
Healthy & Comfortable Buildings
Highrise Residential
Hospitality
HVAC - Heating & Cooling & Ventilation
Indoor Air Quality (IAQ)
Industrial and Manufacturing Buildings
Insulated Concrete Forms (ICF)
Insulation
Interior Design
Interiors
Internet of Things
Landscaping Architecture - Design & Maintenance
Lighting - Energy Efficient Lighting
Maintenance
Metal Roofs and Walls
Military Buildings
Mixed Use Communities/Developments & Buildings
Moisture and Vapor Management
Multifamily / Multiunit Residential
Office Buildings
Paint - Low & No VOC
Passive House / Passivhaus
Plumbing
Radiant Heat - Electrical & Hydronic
Renovation / Restoration / Remodeling
Restaurants
Retail
Roofing
Senior Living
Solar Energy & Solar Power
Structured Insulated Panels (SIPS)
Student Housing
Sustainable Trends and Statistics
Tankless Water Heaters
Thermal Envelope - Building Envelope
USGBC
Ventilation
Wall Systems / Curtain Walls
Wastewater Management / Wastewater Treatment
Water and Moisture Management - Waterproofing
Water Heating Strategies - Energy Efficient Water Heating / Heaters and Boilers
Water Quality / Fresh & Clean & Healthy Water / Water Filtration
Water Saving Strategies and Devices
Windows - Glass and Glazing Strategies and Systems
Wind Power