Greenworks lending closes largest C-PACE deal in the state of Michigan
Greenworks Lending, along with Lean and Green Michigan, recently closed the largest C-PACE deal in the state of Michigan. Greenworks was able to partner with the developer to fill a 20% hole in the capital stack of the project—a 16-story new construction development in Detroit’s Greektown district. Greenworks provided $13M in C-PACE capital to the total $64M project cost. The development, called The Exchange, is expected to be completed in 2022 and will be a state-of-the-art mixed use commercial and multifamily building.
The development will be utilizing several energy efficient measures financed by C-PACE including roofing, windows, HVAC, plug load controls, smart thermostats, elevator systems and low-flow fixtures which are projected to save over 63 million gallons of water and 18,256 metric tons of CO2. These energy and water conserving measures are estimated to save the property nearly $40M over the 25-year term of the financing.
“I was delighted to bring my PACE experience to Exchange enabling it to become an important part of the City’s continued redevelopment,” said owner Mark J. Bennett of MJBennett PLLC. Mark’s experience with PACE began in 2010, while an attorney at Miller Canfield and leader of its Climate Change Practice, where he participated in creating Michigan’s PACE enabling legislation.
Wayne County, MI, home to Detroit and the Exchange project, enacted is C-PACE program in December 2013. “We are pleased to see that Wayne County continues to exhibit some of the largest PACE projects in the state,” said Wayne County Executive, Warren C. Evans. “Exchange shows that PACE is a game-changing economic development tool for the County’s real estate market.”
C-PACE financing is an increasingly popular, flexible financing mechanism for property owners and developers to access low-cost, long-term, upfront capital for new developments or major construction projects. To learn more about C-PACE or discuss a potential project, click here.