Mid-construction Finance
Connecticut-based national lender boosts capital stack to nearly 75% LTV with C-PACE financing as a midstream capital solution amid COVID disruptions.
- Date: 12 April 2018
- Source: Newswire
$13.7 Million in Mid-Construction Finance for SoCal Mixed-Use Multifamily Project
Counterpointe Sustainable Real Estate (CounterpointeSRE), announced today the closing of a $13.7 million Commercial Property Assessed Clean Energy (C-PACE) transaction for mid-construction financing of 53-unit Class A multifamily and retail project in Poway, California, a San Diego suburb.
The PACE-qualifying elements of the new construction project include seismic strengthening, HVAC, LED lighting, water conservation, and building envelope improvements.
The inclusion of resiliency project elements in PACE policies generally expands the capacity for PACE in developers’ capital stacks. In this instance, the CSCDA Open PACE program provides for seismic strengthening, which represented approximately a signficant portion of PACE financed measures. CounterpointeSRE similarly provided $14.5 million in financing for a Los Angeles mixed-use multifamily in April and has financed dozens of seismic retrofits in the San Francisco market.
This is a great example of C-PACE as a creative capital solution
About Counterpointe Sustainable Real Estate:
Counterpointe Sustainable Real Estate (CounterpointeSRE) is a pioneer in C-PACE and leading commercial real estate finance provider specializing in sustainable infrastructure improvements through PACE financing. For more information, visit counterpointesre.com.
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