Stonehill PACE for the Pearl Point multifamily rental housing project. Rockport, TX suffered substantial damage from Hurricane Harvey. Over 35% of the homes and businesses were destroyed and nearly all housing units were uninhabitable.
Stonehill PACE provided $2.75 million in C-PACE funds (later upsized to $4 million) in a $31 million capital stack for Phase I (216 units) of Pearl Point’s total 456 units when complete. Pearl Point is the first and largest multifamily housing project in the area and has provided much needed rental supply to the area, helping the community’s recovery. The project created 30 construction jobs, with permanent jobs after stabilization.