Greenworks Lending for the redevelopment of the historic DuPont Building, the first C-PACE project in Delaware. The former DuPont company headquarters building — which was constructed in 1908 and occupies entire city block — is being converted into a hotel, apartments, a theatre, retail space, and office space. Greenworks Lending’s $7 million in C-PACE financing filled a gap in a complex capital stack that included a mortgage in a commercial mortgage-backed security, condo parcels, and historic tax credits. The DuPont Building was the first C-PACE project in Delaware.
PACE Equity for the redevelopment of two former NASA research facilities in Cleveland, OH. Built in 1963, the “K” and “L” NASA buildings honor President John F. Kennedy and Director of Aeronautical Research George W. Lewis. Work conducted here played an integral role in the launch of the Apollo space exploration programs. The buildings have stood vacant for several years.
With $8.5 million in C-PACE funds in a $42 million capital stack, PACE Equity worked over 18 months to help assemble financing including historic tax credits, TIF financing, grants, all the while dealing with the challenges related to the COVID-19 pandemic.
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.
MinnPACE for the Renewable Energy Partners’ Workforce Training Center, which trains residents from throughout the Minneapolis, MN region to install solar panels, with special outreach and recruitment from its surrounding and lower-income communities. The rooftop solar array on the Workforce Training Center is a real-life example of the product trained workers will install, as well as saving utility costs at the Center.
PACE Conservation Solutions, for helping owners of six smaller buildings – from coffee roasters to nonprofit housing advisors – access C-PACE financing in rural Colorado.
As a recognized subject-matter expert, Mah’s article, published in The Journal of Structured Finance, raises the visibility of this emerging asset class, leading more states and local governments to adopt C-PACE and spreading the benefits of green financing more widely.