CounterpointeSRE Announces Four Closings, Including a $14.5 Million C-PACE Financing of a New Multifamily Development, in LA
Firm continues commitment to sustainable real estate finance during a time of economic disruption, funding a new construction development and three seismic soft-story retrofits for multifamily properties in LA to end the first quarter.
- Date: 1 April 2020
- Source: CounterpointeSRE
- Author: Adam Moskowitz
CounterpointeSRE Closes $15 million in financing through the California Statewide Communities Development Authority’s (CSCDA) Open PACE program.
Counterpointe Sustainable Real Estate (CounterpointeSRE), announced today the closing of four Commercial Property Assessed Clean Energy (C-PACE) transactions for a total of $15 million in financing through the California Statewide Communities Development Authority’s (CSCDA) Open PACE program. The largest of the financings at $14.5 million will support energy efficiency, seismic strengthening and water conservation measures at a new multifamily property, which is being developed by LiveWorkCreate, a local development firm.
Located at 2870 West Olympic Blvd in the Koreatown neighborhood of Los Angeles, the seven-story multifamily development will feature 126 units, ground floor retail, and a parking garage. Upgraded sustainability features are projected to reduce electricity consumption by 211.93 MWhs and reduce water consumption by 3,771,949 gallons with a greenhouse gas emission reduction estimated at 90.64 MTCO2e per year. The more-sustainable multifamily property is targeted for completion in 2022.
The $14.5 million in C-PACE funding for 2870 West Olympic is being used to directly support energy-efficient infrastructure investments throughout the building, including building envelope, interior lighting (LEDs), HVAC, low flow fixtures and high-efficiency DHW.
“To deliver this funding amidst the current public health crisis and resulting economic disruption is a testament to our commitment to clients and the fundamental ability for C-PACE financing to help strengthen a capital stack,” stated Eric Alini, Managing Partner of Counterpointe Sustainable Real Estate. “We thank James Hamill at the CSCDA and all those involved in this transaction for helping with logistics – coordinating the recording and bond issuance turned out to be quite challenging and we are grateful for all those who mobilized during this period of business closures and social distancing,” he remarked.
Alini additionally affirmed that CounterpointeSRE would continue to fund energy-saving projects during the current period of economic disruption. In fact, the firm funded three additional PACE projects on the same day to provide financing for City of Los Angeles mandated retrofits. Beyond closing these multifamily deals, CounterpointeSRE is actively exploring how the firm can help provide financing to help office and other commercial properties prevent COVID-19 transmission, as well as add to the more than $56 million in capital it has provided to the healthcare sector in the last 9 months.
To deliver this funding amidst the current public health crisis and resulting economic disruption is a testament to our commitment to clients and the fundamental ability for C-PACE financing to help strengthen a capital stack
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
855 431 4400