MJ Sullivan Dealership

Location: 452 Broad St, New London, CT
Building Size: 51,000 sq ft
Year Built: 1989
Total Project Cost: $732,980
Utility Incentive: ZREC
C-PACE Financing: $732,980
Term: 20 years
Annual Interest Rate: 5.75%
Annual C-Pace Assessment: $63,514
Annual Energy Cost Savings: $81,718
Lifetime Energy Cost Savings: $1,634,364
Annual Energy Savings: 960 mmBTU/yr
The 60,000 square foot building complex at 542 Broad Street was originally constructed in 1989 and comprises a car showroom and automotive center for Hyundai, Chevrolet, Buick and Cadillac models in New London, CT across two separately assessed properties under common ownership. The proposed investment is a C-PACE transaction under which the Connecticut Green Bank would provide a construction financing and a term loan commitment in the amount of $725,500 to support the installation by Green Earth Energy Photovoltaic of a 250kW PV system on the dealership (PID 6651) property.