CleanFund for the construction of the Salt Lake City Convention Hotel. The $54.7 million C-PACE transaction will fund nearly every sustainable upgrade in the city’s new 26-story Hyatt Regency hotel. C-PACE financing funded the HVAC systems, interior lighting and equipment, fans, pumps, and water systems. As a result, the hotel’s energy performance is projected to exceed the energy code compliance level by over 20 percent.
The transaction occurred in a large and growing market, it opened the Salt Lake City market, it involved great effort to complete by year-end, and it is the largest C-PACE transaction in the industry to date.
Inland Green Capital for the redevelopment of St. Patrick’s Catholic Church into Urban Artifact Brewery. Entrepreneur Scott Hand and his partner renovated the church and, in 2019, reopened it as Urban Artifact Brewery. This unique property comprises three buildings and now houses a brewery and Taproom, a corporate office building, and yoga studio.
C-PACE financed windows and doors, new HVAC, LED lighting, a new roof, elevator modernization, and other efficiencies. The Urban Artifact Brewery continued the pace of investment in the previously blighted, now thriving area, providing an entertainment venue for the community.
Twain Financial Partners for the redevelopment of Dayton’s Historic Arcade. Dayton’s historic arcade comprises five buildings in Dayton’s central business district. Built in 1904, the arcade is topped by a glass-dome 70 feet high and 90 feet in diameter. The arcade was shuttered in the 1990s. The new Dayton arcade will spur development downtown while also serving as an “innovation hub connecting neighborhoods with needed programming and opportunity.” a joint venture with the University of Dayton and the entrepreneurs center will bring students and entrepreneurial businesses to Dayton’s urban core. The project includes 126 units of affordable and market-rate apartments.
CPA recognizes Bricker & Eckler for facilitating C-PACE transactions at the state & local level. Bricker has shown that a state like Ohio can punch above its weight in terms of facilitating C-PACE. Bricker’s leadership in creating markets is a model of ingenuity for others to emulate.
Pete Morgan, Winston & Strawn, for his central role in establishing C-PACE in the alternative investment industry. Pete has played a crucial role in establishing PACE – both residential and commercial – in the alternative investment industry. Pete is credited with getting the industry to the securitization stage and creating an efficient framework for the capital markets.
Susan Morth led the redesign of “Open PACE,” EIC’s C-PACE program for NY State, a market that had not realized its potential. Susan stayed committed to a program that produced public benefits underpinned by sound economics. The early results are promising — a number of transactions completed and a pathway to achieving scale.