Portfolio Partner Profile
PACE Equity
Property Assessed Clean Energy financing, or PACE financing, is low cost capital used to make energy efficiency improvements to commercial buildings – office, multifamily, senior housing, hospitality, retail and others. The improvements typically include efficient HVAC, lighting, windows, roofing, and seismic support (where applicable), as well as renewable energy such as solar. Once the improvements are complete, the building owner or developer gradually repays the PACE financing over a term of 20 to 30 years.
PACE Equity provides this innovative source of financing for building modernization, redevelopment, or ground-up new construction. Funding up to 25% of the capital stack, PACE Equity’s capital is long-term, fixed-rate, and non-recourse. PACE Equity provides end to end execution for building owners and developers with its Fast Track™ Funding process which leverages in-house energy engineering expertise to optimize the funding potential of every project. On average, PACE Equity’s projects have reduced energy and operations costs by $1 per square foot, a 50% improvement over baseline conditions.
Featured Impact Story
Impact Story
New Perspective Senior Living
New Perspective is a senior housing facility located in Milwaukee, Wisconsin. The facility focuses on providing care-oriented assisted living and memory care services for its residents. The community meets its members' needs through a friendly, welcoming environment where residents can exercise their minds, engage in physical fitness, and receive nutritious meals each day.
With PACE Equity’s support, this is the largest retroactive refinancing project in Wisconsin and the second largest PACE loan ever completed in the state. This partnership provides an opportunity for New Perspective to refinance equity prior to stabilization, allowing for continued growth in the dynamic senior living sector. The project saves 43,350 metric tons of CO2, equal to the annual emissions from approximately 9,428 passenger cars.
Impact Story
The C.M Paula Manufacturing
C.M. Paula is a second generation, family-owned manufacturing company based in Mason, Ohio and was founded in 1958 as a small greeting card supplier. The company then evolved into a leading developer and marketer of greeting cards, stationery, and novelty products. In 2005, C. M. Paula shifted from a supplier of consumer products to a management company of multi-faceted marketing firms. The firm is dedicated to supporting the diverse companies it purchases, holds, and grows so their associates can flourish. C.M. Paula now operates four companies.
In 2022, the C.M. Paula began an expansion project to allow for additional manufacturing space, adding 36 thousand square feet of warehouse and production space. The company also added solar PV panels to make the site net zero during certain times of the year. This project saves 3,985 metric tons of CO2, equal to annual emissions from 887 passenger cars.
Impact Story
Lincoln Park Apartments
Lincoln Park Apartments opened in June 2022 in Duluth, Minnesota. The property is located in the Lincoln Park Craft District and features one- and –two-bedroom units, as well as parking for residents. The developer used PACE Equity retroactive refinancing which PACE Equity offers for projects that are completed by as many as three years prior, depending on local C-PACE guidelines. This allows the owner to retroactively capture the financial benefits from the previously installed energy efficiency measures. Developers can draw out liquidity, free up capital for their next project, improve their overall cost of capital, or use the refinance as a bridge to permanent debt when they add low-cost, fixed-rate, non-recourse capital from PACE Equity. Overall, the Lincoln Park Apartments project saves 4,116 metric tons of CO2, which is equal to annual emissions from 916 passenger cars.
Environmental Sustainability
Renewable Energy
