Dec
02

Green Building Industry Wrestles with Recession

By

– National Real Estate Investor

Developers attempting to launch sustainable-design projects and landlords who wish to complete energy-efficient property upgrades in the coming year face looming challenges that range from tight credit to slower returns on investment, experts say.

Across the nation, green development has suffered from the credit crunch along with conventional commercial real estate projects, according to attorney Mary Anne Sullivan, partner in the Washington, D.C. office of law firm Hogan & Hartson. Earlier this year, one of her clients arranged financing with Lehman Brothers for a renewable energy project only to have the loan fall through a month before closing when the lender went bankrupt.

“I’ve seen among my own clients the funding for several projects disappear very close to an anticipated financial closing date because of the economic crisis,” says Sullivan, who is a co-chair of her firm’s climate and clean energy working group. “It’s clearly having an impact on the ability to fund projects.”

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:
http://nreionline.com/brokernews/greenbuildingnews/news/green_building_recession_1202/

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