Green Developments Getting Green Light

Developers are finding it easier to get funding for sustainable building projects due to federal incentives and investor interest in green certification.
May 30, 2009, 5am PDT | Tim Halbur
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"WHEN CROSLAND WAS designing its ?rst full-scale sustainable community, it wasn't focused on certi? cation.

The developer began the design process by lea?ng through several green building ratings systems-LEED, EarthCraft, Green Globes EnergyStar-and decided to use whichever aspect of each made the most economic sense.

But when it came time to secure ? nancing, the deal's lenders-Bank of America and U.S. Bank-and the equity partner- Northwest Mutual Life-all were excited to be part of a certi?able "green" community.

The ?nanciers encouraged Crosland to apply for the U.S. Green Building Council's LEED certi?cation and even helped the company ?nd consultants to execute the vision. In today's ?nancing world, Crosland wasn't about to say no."

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Published on Thursday, May 28, 2009 in Apartment Finance Today
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