Multifamily Peer to Peer Network Meeting September 2019

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Heritage Commons Rental Retirement Community

38 Boston Rd

Middletown, CT 06457

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On September 20, the Peer to Peer Network will visit Heritage Commons Rental Retirement Community in Middletown. Built in 1988, this privately owned 89-unit retirement facility primarily serves residents with incomes below 80% of area median income (AMI). ​After the Belfonti Companies purchased this property in 2014, they determined that it needed upgrades to its HVAC systems (boiler and heat pumps). Due to existing government financing and the attached restrictions, traditional lenders could not finance the improvements. The unsecured Low Income Multifamily Loan (LIME) program, from Capital For Change and the Connecticut Green Bank, was able to finance the improvements based on the projected energy savings and operations and maintenance (O/M) savings. In this case, the O/M savings were even more significant than the energy savings, and the property's financial performance has improved dramatically since the energy efficiency work was performed.

The tour will be conducted by Marc Franzman, CFO of the Belfonti Group, and Brian Sullivan, President of Emerald Consulting.

Lunch will be served on site.

About Us: The Multifamily Peer to Peer Network meets monthly at NeighborWorks New Horizons Community Room, 311 Poplar Street, New Haven, from 10:30 am to 1 pm. The Network is sponsored by the Connecticut Green Bank with support from the Affordable Housing Alliance Connecticut (formerly Connecticut Housing Coalition). Network members come from various fields (architects, engineers, developers, etc.) working with multifamily property design and management in Connecticut.


Date and Time

Location

Heritage Commons Rental Retirement Community

38 Boston Rd

Middletown, CT 06457

View Map

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