Green Pace Financial, Inc. announces the closing of $34.7 Million in total C-PACE approved construction financing for a Mixed-Use Class A Multifamily and Retail project in the City of Poway in North San Diego County.
SAN DIEGO, Nov. 5, 2020 /PRNewswire/ -- Green Pace Financial and its affiliate Hoover Financial closed the $34.7 Million in Commercial PACE approved construction financing to complete the construction of a 53 Unit Class A Multifamily development plus 45,000 Square feet of retail for one of their most active Southern California clients.
The companies arranged the $21 Million senior loan from one of their most active national Multifamily lenders combined with $13.7M in C-PACE energy saving financing. Commercial PACE has become a popular new energy saving financing program now approved in 37 states nationwide. The program allows up to 80% non-recourse financing with interest rates in the high 5% fixed and fully amortized up to 30 years. The funding closed in late October with construction to be completed by Summer of 2021.
“We’re excited to be part of the redevelopment taking place in the City of Poway. With the recent onset of COVID the construction of residential communities is considered an essential service industry that continues to fill the need for new housing in California. “Our financing teams are working overtime to help keep our economy moving during COVID by creating essential jobs while also helping to save energy” stated Shawn Heyl, Chief Executive Officer of Green Pace Financial.
About Green Pace Financial and Hoover Financial.
Green Pace Financial and Hoover Financial are leading national commercial financing advisory firm’s focused on structuring up to 80% financing solutions for Multi-family, Hotel, Mixed-Use and Commercial projects. The companies deliver to their clients the best PACE pricing and terms as wholesale correspondents to a national network of PACE providers. They also utilize a national network of PACE approved lenders to negotiate the highest leverage, lowest interest, non-recourse construction financing solutions available in the industry. Scott Hoover, President of Hoover Financial stated that both banks and private equity funds are recognizing the value that C-PACE energy saving financing brings to a project and are actively working with the program to assist commercial developers in need of low cost capital while also saving energy.
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SOURCE Green Pace Financial, Inc.