Environmental

Lending in compliance with all applicable environmental laws and regulations

When property is involved in a lending transaction, whether used for a real estate business or as collateral for commercial and industrial lending, Northrim Bank is committed to complying with all applicable environmental laws and regulations.  For example, before a lending transaction takes place, the bank receives a property questionnaire regarding current and historical compliance with environmental laws, including groundwater and/ or soil contamination, the presence of asbestos, etc.  Other inspections or tests may also be performed. The final lending documentation includes an environmental agreement obligating the borrower to comply with all applicable environmental laws and regulations, committing the borrower to cure any violations and notifying Northrim should there be a breach.

Sustainability Master Plan Project

In 2023, Northrim received a building recommendation report on its main headquarters building in Anchorage, Alaska (MFC) which encompassed Green Building Modifications. The Bank is moving forward with a number of recommendations identified in this report. The initial phase will address upgrading primary systems such as the boiler, generator and electrical.

The goal of Northrim’s Sustainability Master Plan is to address revitalizing the aging infrastructure of our 50 plus-year-old headquarters building. Some of these projects encompass equipment replacement due to age, implementing energy efficiencies and sustainability in the event of a catastrophic natural disaster. 

Northrim recognizes the risks created by climate change and we are working to be part of the solution. To accelerate the transition to clean energy, we have been actively engaged with the C-PACER program (Commercial Property Assessed Clean Energy & Resilience) in Alaskan communities to drive energy improvements and create energy jobs. By facilitating the financing of energy improvements and renewable energy in Alaska, we are doing our part in accelerating the clean energy transition while building greener, stronger communities. In Anchorage, C-PACER is administered by the Municipality and provides flexible financing solutions for new, ongoing, or recently completed commercial real estate projects including two hotel development projects that Northrim was involved in. The Courtyard by Marriott Midtown Anchorage, a four-story, 141-room hotel will incorporate C-PACER-funded energy efficiency measures to enable the hotel to operate with a reduced carbon footprint and lower operating costs. The Aviator Hotel, a 250-room hotel currently being renovated in the heart of downtown Anchorage, Alaska is utilizing C-PACER funds to support the renovation and upgrades of the 1970s-era hotel that had most recently been used as transitional housing into a Class A hotel.

In 2024, Northrim purchased a Green Energy tax credit, which were generated by a solar project located in the lower 48. These tax credits benefit both the owners of the projects that provide green energy and investors of the energy tax credits they generate.