C-PACE for new construction ALF
Energy efficiency and water conservation measures planned for 100+ bed senior housing community qualify StoneCreek of Copperfield for private funding through Texas PACE program.
- Date: 15 December 2020
- Source: CounterpointeSRE
- Author: Adam Moskowitz
C-PACE Capital Provider, Counterpointe SRE Closes $13.7 Million in Mid-Construction Finance for SoCal Mixed-Use Multifamily Project
Counterpointe Sustainable Real Estate (CounterpointeSRE), announced today that it has closed $2.8 million in Commercial Property Assessed Clean Energy (C-PACE) funding for a 108-bed senior housing community to be constructed at 15800 Longenbaugh Rd in Houston, Texas.
The facility will include 74 assisted living units, 22 memory care units, and 12 independent living cottages, providing local access to quality senior housing and care in the Copperfield area. The PACE financing supports planned energy-saving measures including building envelope, interior and exterior LED lighting, HVAC and domestic hot water, as well as low-flow fixtures.
The property is being developed by StoneCreek Real Estate Partners of Carrollton, TX.
“The PACE program funding from CounterpointeSRE aligns well with our goals for this development,” stated Nick Craig, a partner at StoneCreek. “We are bringing a project to life that will raise the standard of living for Houston seniors while incorporating energy efficiency, and because of that effort, we are able to use the program to enhance our capital position.”
“This project meets Mayor Turner’s Climate Action Plan target of doubling the number of PACE projects in Houston,” notes Lara Cottingham, Chief of Staff & Chief Sustainability Officer, Administration and Regulatory Affairs Department at City of Houston. “This use of the City’s PACE program to facilitate $2.8 million in private financing to make the StoneCreek of Copperfield senior living facility more energy and water efficient is a perfect example of how we can reduce the impact of climate change in our community and reduce the cost of operating senior housing facilities. This is a win-win for Houston.”
An energy commissioning report prepared by Edison Energy suggests enhanced design measures and equipment investments will save the facility more than 300,000 MWh and 3 million gallons of water annually. This translates to an estimated $84,000 in reduced utility expenses annually.
“The energy-efficiency and water conservation measures supported by TX-PACE financing reduce operational costs for commercial buildings, including this senior housing project,” stated Charlene Heydinger, president of Texas PACE Authority, the program administrator. “The Houston PACE program facilitates an innovative source of capital to overcome the upfront cost barriers that too often bar investment in energy and water-saving measures,” Heydinger added.
“By providing capital though TX-PACE and PACE programs nationally, CounterpointeSRE is able to play a role in reducing the carbon footprint of our built environment, while providing developers a source of funds that is more flexible and lower cost than preferred equity or mezzanine finance,” stated Mark McClure, director at CounterpointeSRE.
The General Contractor for the Property will be Ridgemont Commercial Construction, based in Irving, Texas. When completed (estimated for June 2022) the property will be managed by Civitas Senior Living, a senior living operator based in Fort Worth, Texas.
This project meets Mayor Turner’s Climate Action Plan target of doubling the number of PACE projects in Houston.
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. For more information, visit counterpointesre.com.
Counterpointe Sustainable Real Estate
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