The site in Newmarket consists of two low-rise apartment buildings with 110 units. The retrofit includes air-source heat pumps, LED lighting, electric baseboard upgrades, and high-performance windows to reduce energy use, improve tenant comfort, and significantly cut GHG emissions.
TAF’s investment bridges a critical financing gap for construction-phase funding, enabling Efficiency Capital to complete the retrofit and later refinance with private lenders. By providing capital, TAF de-risks the project and accelerates the adoption of proven retrofit solutions in multi-unit residential housing. This approach supports market transformation, mobilizes additional private capital, and demonstrates a scalable financing model for energy efficiency retrofits across the GTHA.