When discussing “retrofit,” major renovation and rehabilitation projects that focus on making apartment buildings more energy-efficient often come to mind. The primary objective of retrofitting is energy efficiency. However, as highlighted by Chris Gray, CEO of EcoSmart Solution, in an article on ApartmentBuildings.com, there are numerous retrofit options available.
These options range from installing environmentally friendly lighting and reducing water consumption to undertaking full-scale HVAC replacements or adding insulation. Financing these retrofits can also be approached in various ways. Gray suggests that recapitalizing a multifamily property can provide the necessary funding. Additionally, financing is accessible for energy-efficient properties through traditional lenders, CPACE structures, and government agencies.
When addressing multifamily retrofits, Gray emphasizes the importance of setting clear goals and assessing what is feasible. He also advises that retrofits should not be viewed as a one-time initiative but rather as part of an ongoing process.
For more insights, visit ApartmentBuildings.com.
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Steve Griffin is based in sunny Palm Harbor, Florida. He’s an accountant by profession and the owner of GRIFFIN Tax (www.griffintax.com) and REVVED Up Accounting (www.revvedupaccounting.com). In addition, Steve founded Madison Avenue Technology (www.madisonave.tech). With a strong passion for commercial real estate, he’s also dedicated to keeping you up to date with the latest industry news.
