Skilled Nursing Facility in Miami, FL Utilizes C-PACE for Equipment Finance and Building Upgrades

Senior Housing Industry finds C-PACE an Important Tool to Finance Upgrades at Facilities

Miami, FL– Counterpointe Sustainable Real Estate (CounterpointeSRE) announced today that it has provided Commercial Property Assessed Clean Energy (C-PACE) financing in support of the renovation of the Victoria Nursing and Rehabilitation Center, located two miles south of Downtown Miami.

The CounterpointeSRE financed improvements consist of multiple energy-efficient upgrades to the building’s HVAC as well as a new standby emergency generator coupled to the new HVAC systems. The emergency generator is being installed to complu with Florida’s state law mandating backup power sources in nursing homes and assisted living facilities signed into law in 2018 by Gov. Rick Scott.

“The Victoria Nursing project, which follows Counterpointe’s recent funding of $50 million in efficiency and resiliency projects for hospitals in California, demonstrates how well C_PACE financing can serve the healthcare community on a national level,” stated Eric J. Alini, Managing Partner of CounterpointeSRE.  “Healthcare presents a unique opportunity to help our communities become more energy efficient while protecting our most vulnerable citizens, which is why we have recently expanded our financing programs to include a physician-led effort to improve the sustainability and resiliency of healthcare properties.”

The Victoria Nursing and Rehabilitation Center is an 8-floor skilled nursing facility that is expanding to provide 48 new beds in an upgraded and more efficient building.

“Counterpointe’s PACE program has enabled our team to engage in a project that maximizes both the energy efficiency of our facility as well as the comfort and safety of our residents,” explained Richard Stacey, CEO of Victoria Nursing and Rehabilitation Center. “There’s a benefit to the property owner, environment and community,” he continued.

The Winmar Group is the general contractor for the expansion with construction now under way with completion and occupancy by the end of Spring 2020.

The upgrades in energy efficient infrastructure – a core qualifying measure of PACE programs nationwide, which will place a new chiller, cooling tower, mini split heating and cooling units as well as HVAC building automation.  Led by Trane, Inc.’s energy engineers, the state-of-the-art automatic HVAC controls and improved efficiency are an essential element in reducing energy demand during normal operations as well as during disaster.

Through PACE programs, the local county or municipality recognizes energy saving retrofits, renewable energy solutions and certain resiliency measures as public goods and allows for the placement of a voluntary tax assessment to pay for the permanent and fixed improvement. The low-cost financing can be used for renovations, equipment installations, and for new construction.  The assessment is funded by a private capital provider such as from industry leader CounterpointeSRE and is repaid with long term, fixed rates through an additional line item on the property tax statement. This allows property owners to finance upgrades to facility while preserving capital for operations. 

What is PACE financing:

PACE financing makes it possible for owners and developers of commercial properties to obtain low-cost, long-term financing for energy efficiency, sustainability and renewable energy infrastructure deployed in new or existing buildings. The program is based on legislation that classifies energy efficient and/or renewable upgrades as well as above-code new installations as a public benefit. These “green” infrastructure elements and associated soft costs (permitting, structural support, etc.) can be financed with no money down and are repaid through the property tax bill over a term that matches the useful life of improvements.

About Counterpointe Sustainable Real Estate:

As a pioneer and respected leader of the C-PACE industry, Counterpointe Sustainable Real Estate (CounterpointeSRE) specializes in sustainable infrastructure improvements through C-PACE financing since 2013. 

Media Contact:
Counterpointe Sustainable Real Estate
855 431 4400