Opportunity
By tapping into PACE Wisconsin’s ability to finance recently-completed (up to 30 months) C-PACE-eligible projects, the property owners were able to replenish equity used to start the project with C-PACE capital, allowing the owners to use the equity for additional investment while enhancing the return of the property. C-PACE was able to refinance over $7M in project costs for new lobby windows, lighting upgrades, HVAC, low-flow water fixtures, and electrical optimization of the building.
Property summary
OM Station, the former Oscar Mayer headquarters in Madison, WI, consists of 1.7 million square feet of industrial and office space, and sits on 69 acres of land. The facility includes manufacturing, cold storage, office, creative work space, and high bay warehouse distribution space. Rabin, in partnership with Reich Brothers, purchased the property in 2017 and has since then completed substantial improvements to the property and is now actively leasing.
We were pleased to work with Nuveen Green Capital to provide C-PACE funding to remodel such a historic site as the Oscar Mayer Station. Working in conjunction with new market tax credits, we were able to reduce the required equity, enhance our return on investment and realize significant savings in energy usage.
