$3.7 Million C-PACE Victoria Nursing And Rehab Center In Miami, FL
- Date: 12 November 2019
- Source: CounterpointeSRE
- Author: Adam Moskowitz
Counterpointe Sustainable Real Estate Closes $3.7 Million C-PACE Financing For Expansion And Updates To Victoria Nursing And Rehab Center In Miami, Florida
Miami, FL– Counterpointe Sustainable Real Estate (CounterpointeSRE) announced today that it has closed a $3.7 million, 20-year, 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 to the property 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 later effort complies 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 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.
Mike Moran, Executive Director of the Florida PACE Funding Agency, who advised on the project, advocates for widespread commercial use of PACE financing.
“This is a perfect example of how the Florida PACE Funding Agency program creates access to private capital for commercial businesses to make investments that ultimately benefit all of our citizens,” stated Mike Moran.
Through PACE programs, which are active in more than 20 states, 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 assessment is funded by a private capital provider such as Counterpointe Sustainable Real Estate and is repaid with long term, fixed rates through an additional line item on the property tax statement. This allows property owners to finance improvements while preserving capital and benefiting from off-balance sheet treatment. Additionally, assessments are tied to the property so they may be passed through to tenants, are non-recourse to owners and are transferable upon sale of the property.
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, available in more than 20 states and several cities, 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 (often as long as 20-25 years).
About Counterpointe Sustainable Real Estate:
Counterpointe Sustainable Real Estate (CounterpointeSRE) is a leading commercial real estate finance provider specializing in sustainable infrastructure improvements through PACE financing.
Counterpointe Sustainable Real Estate
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