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AZ Bank Opens Green Line for Commercial

GLENDALE, AZ-Community Bank of Arizona fires up a program to shave a half-point interest rate on commercial projects that meet or beat a 75-point Energy Star rating.

By John McCloud | Updated on July 27, 2007

(Read more on the debt and equity markets.)

GLENDALE, AZ-Community Bank of Arizona has launched a pilot program for what is being touted as the nation’s first discount loan program for commercial green building projects. The plan has a half-point interest rate reduction for construction, development or remodeling projects that qualify for at least a 75-point rating on the Environmental Protection Agency’s Energy Star 1-100 scale or earn the Energy Star designation.

“There are many residential loan programs that target environmental building, but this is the first for the commercial market,” says a spokeswoman for the wholly owned subsidiary of Las Vegas-based Community Bancorp. “There are all kinds of criteria for residential construction. We wanted to create criteria for commercial.”

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