By: greenbank On: December 01, 2016 In: Comments: 0

NYGB and Bank of America Merrill co-invested in an approximately US$14.0 million tax-exempt equipment lease issued under the Dormitory Authority of the State of New York’s tax-exempt leasing program. The Lease will finance energy improvements, that will replace existing infrastructure at Hebrew Home for the Aged (“HHAR”)’s, Riverdale, New York facility with cleaner, more efficient equipment, generating substantial savings for Hebrew Home immediately and throughout the 20+ year lifetime of the equipment. The Lease, made under DASNY’s TELP, enables the tax-exempt financing for the Project and reduces borrowing costs to HHAR. NYGB’s participation in this transaction is significant because it extends the tenor of the Lease beyond the number of years BofA Merrill would normally finance, enabling deeper energy retrofits and less expenditures for HHAR – resulting in savings of approximately $1.6 million per year. A portion of those savings will be used for lease payments and the remainder will go directly to HHAR.

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