CounterpointeSRE funds LA affordable multifamily and several seismic retrofits despite COVID disruptions
Counterpointe Sustainable Real Estate (CounterpointeSRE) announced the closing of four Commercial Property Assessed Clean Energy (C-PACE) transactions totaling $15 million through the California Statewide Communities Development Authority’s (CSCDA) Open PACE program. The largest financing, at $14.5 million, will support energy efficiency, seismic strengthening and water conservation measures at a new multifamily property developed by LiveWorkCreate.
Located at 2870 West Olympic Blvd in the Koreatown neighborhood of Los Angeles, the seven-story development will feature 126 units, ground-floor retail and a parking garage. Upgraded sustainability features are projected to reduce electricity consumption by 211.93 MWh and water consumption by 3,771,949 gallons, with an estimated greenhouse gas reduction of 90.64 MTCO2e per year. The property is targeted for completion in 2022.
The $14.5 million in C-PACE funding for 2870 West Olympic is being used to support energy-efficient infrastructure including building envelope, interior LED lighting, 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,” said Eric Alini, Managing Partner of Counterpointe Sustainable Real Estate. “We thank James Hamill at the CSCDA and all those involved for coordinating the recording and bond issuance during a period of business closures and social distancing.”
CounterpointeSRE also funded three additional PACE projects on the same day to provide financing for City of Los Angeles mandated retrofits. The firm is actively exploring financing to help office and other commercial properties implement COVID-19 transmission-prevention measures, in addition to adding to the more than $56 million provided to the healthcare sector in the prior nine months.
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.
Media Contact:
Counterpointe Sustainable Real Estate
855 431 4400