May 13th Lunch

"Enabling a Comprehensive Energy Retrofit with Innovative Financing Solutions"

David Davenport, Urban Greenfit and Fred Lee, New York City Energy Efficiency Corporation

Please join the New York Association for Energy Economics when we welcome David Davenport of Urban Greenfit and Fred Lee of the New York City Energy Efficiency Corporation to our monthly NYAEE Luncheon on Thursday, June 12th, 2014.

The Roosevelt Landings Project is the deep energy retrofit of a 9 building multifamily apartment complex with 1,003 apartments. Over 10 years, the project will generate a high teen cash-on-cash return on equity invested in the project. The project, funded with debt from NYCEEC, is an applied example of the creation of an off balance sheet leveraged financing vehicle that utilized all available subsidies and cost-effective financing to pay for energy conservation and onsite power production engineered to generate predictable cash flows. It is also an example of the opportunity that can be created when innovation and focus on reducing energy expense and onsite energy production are incorporated into long term real estate asset management strategies. For these projects to succeed, owners, their financial partners, asset managers, building operators and building occupants must be actively invested in the success of the project.

About the Speakers:
David Davenport is the Managing Principal of Urban Greenfit, LLC (UGF); a newly formed energy service company that is committed to helping multifamily building owners realize immediate energy cost savings by providing cost-effective solutions through onsite power generation and strategic energy efficiency projects. UGF is a joint venture affiliate with Urban American a real estate investment company that manages hundreds of apartment buildings in New York City including many of the largest buildings in Harlem. Mr. Davenport is also the Principal of Harlem Greenfit Management, a MBE firm providing the same services. For ten years prior to forming UGF, Mr. Davenport was a Vice President and Investment Officer at Citi- Community Capital (Citibank's CRA Urban Investment Group). Mr. Davenport is a Member of the 100 Black Men of New York where he serves as Co-Chairman of Economic Initiatives. Mr. Davenport is also Director of Project Find and a past Director of the Abyssinian Development Corporation, two of the largest owner/operators of affordable housing in NYC. Mr. Davenport is a graduate of Wesleyan University, Columbia Business School.
Fred Lee is the Director of Legal Affairs and Finance for the New York City Energy Efficiency Corporation. Fred manages the day-to-day legal and financial affairs of the organization in addition to leading underwriting and execution of new transactions and projects. Fred has experience in clean tech, real estate finance and the public sector. Prior to joining NYCEEC, Fred was Assistant Director in the Center for Economic Transformation at the New York City Economic Development Corporation, where he led the Clean Technology and Energy team. He served as project lead on a variety of energy efficiency and renewable energy projects and focused generally on developing the clean technology and energy sectors in NYC. Prior to entering the energy related industry, Fred was a structured finance attorney, focusing on securitization of real estate related securities. Fred holds an MBA with a concentration in real estate finance from Columbia Business School, a JD from Cornell Law School, and is a graduate of Amherst College (BA).