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History

The Green Building Finance Consortium (GBFC) is a research and education initiative founded in 2006 by Scott Muldavin, President of The Muldavin Company, Inc. to assist private sector investors underwrite sustainable property investments from a financial perspective.

Mr. Muldavin, and the team that have worked with him are primarily real estate finance, valuation, and investment experts who more recently have become involved in sustainability. Mr. Muldavin co-founded a multi-billion dollar private real estate fund and has completed over 300 finance, investment, and valuation related consulting assignments.

Individuals in the green building industry approached Mr. Muldavin in 2006 to explore the potential for “Green” Commercial Mortgage Backed Securities. In exploring this issue, Mr. Muldavin discovered that there was limited information available on the financial or market performance of sustainable properties, that real estate experts did not do the work that was done, and sponsorship of work done was typically from organizations with a vested interest or advocacy posture towards sustainable property investment.

The Green Building Finance Consortium was formed to help fill the void of information, methods, and practices for the valuation and underwriting of sustainable properties. While in 2006, when the Consortium was founded, the public sector was pioneering sustainability in some of its properties, yet the private sector was well behind. Accordingly, the Consortium chose to focus its efforts on enabling private sector participants to make sustainable property investment decisions from a financial/fiduciary perspective.

The strategy of the Consortium from its founding has been to develop the content (how to value and underwrite sustainable properties) and widely disseminate the results of its work. To both be a true “Consortium”, and provide a mechanism for distributing the content of our work, we have sought memberships and collaborations with key trade groups in our key target markets:

• Corporations and other owner-occupiers

• Tenants

• Investors (property owners)

• Developers

• Lenders

• Appraisers and

• Brokers


Fortunately, the Consortium has been the beneficiary of leadership at BOMA International, the Urban Land Institute, the Pension Real Estate Association, the Mortgage Bankers Association, and the National Association of Realtors, all of who are supportive Members of the Consortium. Additionally, the Royal Institute of Chartered Surveyors, the Appraisal Institute, CoreNet Global, and other trade associations have provided board members, engaged in collaborative projects, and offered other support and assistance.

Non-profits, private companies, and governments have also been key founding members including the Northwest Energy Efficiency Alliance, New Tower Trust, RealFoundations, Principal Real Estate Investors, Davis Langdon, Swinerton Builders, Cherokee Investment Partners, EPA’s Energy Star, and others shown in the Acknowledgements section of the website.

Beyond our target markets, our work provides insights into decision-making by real estate capital providers that should be helpful to architects, engineers, consultants, contractors, and other service providers and product organizations as well as governments involved in designing regulations and incentives to maximize their impact on private sector sustainable and/or energy efficient investment. In this regard, we are working with many organizations worldwide to provide our publications and research to non-target market groups that seek such resources.

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© 2006 Green Building Finance Consortium