Madison House is an existing 99-unit apartment complex located on a 0.85-acre parcel of land in the City of White Plains, New York. It was originally developed under the HUD 221(d)(3) Program, and was acquired by Marathon in 2013 with a combination of tax-exempt bond financing issued by the Industrial Development Agency of Westchester and 4% tax credit equity.
The building consists of a single eight-story masonry and steel frame structure with brick exterior, which was originally constructed in 1971. The property had been maintained by the previous owner, but many of the original building components were dated and deteriorated, and the garage required significant structural repair.
Marathon embarked on a thorough renovation of the building including restoration of the building exterior through enhancement of the façade and roofing system, replacement of the mechanical systems to improve energy efficiency, refurbishment of the corridors and common areas, modernization of the elevator system and replacement of fixture and finishes in the individual units.
Marathon also converted the existing steam heating system to hot water, including new hot water risers and replacement of all steam radiators with hot water radiators. This ambitious change improved energy efficiency and resident comfort while reducing maintenance costs. A CHP (combined heat and power) system was also installed which generates electricity on site by burning natural gas and capturing the waste heat from the combustion process to heat water for domestic and heating use. The CHP unit also functions as an emergency generator. The project also included a complete structural rehabilitation of the parking garage, plus extensive landscaping and the installation of playground equipment.
Total Development Cost
- $18.3 million
Completion
- 2015
Financing Highlights
- 4% LIHTC with tax exempt bonds
- Energy Efficiency funding through NYSERDA
- Weatherization Assistance Program
Green Building
- Energy Star lighting & appliances
- Envelope Improvements, including Low-E/Argon windows, additional roof insulation and air sealing
- Water-conserving fixtures
- Combined Heat & Power (Cogeneration) system
- LED exterior and parking garage lighting
- 95+% efficient boilers and hot water plant