PACE Equity, the Philadelphia Energy Authority and the owners of 2315-2325 N. Front Street closed the 14th C-PACE deal in Philadelphia with $997,706 to finance energy efficiency and water conservation measures for a newly constructed multifamily/mixed use property in East Kensington. Fact sheets for this project and all PA C-PACE projects can be found here.
The property is known as the Bromley Loom House. It is a 63-unit multifamily property with two commercial units. Greg Ambrosi, CFO of Ampere Capital Group, the developer/owner of the property stated, “while we used C-PACE funding as a stop gap for supply chain overages and a bridge loan our first time using the product, I definitely see the value of utilizing the product moving forward from the beginning of construction. It is priced better than almost all current construction lending, and can really shore up the capital stack; decreasing equity needs while lowering overall cost of capital, and also improving ratios that banks value. Add that to the fact that Lisa’s team from the city and Aysha’s team from PACE-Equity were very responsive, this was a very smooth process.”
“We applaud the team at Ampere Capital Group for choosing long-term, non-recourse PACE financing for the Bromley Loom House,” stated Stephen Arrivello, PACE Equity’s Philadelphia Managing Director. PACE Equity helps complete the capital stack with low-cost capital by funding improvements that contribute to lower energy costs and lower carbon.”
PEA is pleased to welcome PACE Equity to the growing group of C-PACE capital providers having closed projects in Philadelphia (Nuveen Green Capital, Counterpointe SRE, CCG PACE, Enhanced Capital, and Twain Financial Partners).
$158 million of private capital utilizing the C-PACE program has been invested in energy efficiency, water conservation and solar energy during the first three years of the program’s inception in Philadelphia. C-PACE may also be used for resiliency and indoor air quality improvements.
This project is notable because of the speed it was approved and closed. It took just seven weeks from submission of the pre-application to recording the C-PACE assessment.
Interested in learning more about C-PACE? Contact us at cpace@philaenergy.org and/or attend our C-PACE Open Meetings which take place on the last Thursday of each month from 2:00-3:00PM. See all C-PACE Philadelphia events here.