Energy Efficiency, GHG Emissions, Finance - April 2, 2020
Los Angeles residential property to get $14.5M in C-PACE funding
A new multifamily residential property in the Koreatown neighborhood of Los Angeles will be receiving energy efficiency upgrades through $14.5 million in C-PACE funding between Counterpointe Sustainable Real Estate and the California Statewide Communities Development Authority’s Open PACE program.
The 126-unit Koreatown facility will receive energy-efficient infrastructure investments, building envelope, interior lighting (LEDs), HVAC, low flow fixtures and high-efficiency DHW. These upgrades are expected to reduce electricity consumption by 211.93 MWhs and greenhouse gas emissions by 90.64 MTCO2e each year. The property is estimated to be completed in 2022.
The deal was part of a $15 million in C-PACE financing from Counterpointe that closed on April 2, the other $500,000 of which will be for three other properties.
“To deliver this funding amidst the current public health crisis and resulting economic disruption is a testament to our commitment to clients and the fundamental ability for C-PACE financing to help strengthen a capital stack,” Eric Alini, Managing Partner of Counterpointe Sustainable Real Estate, said in a statement. “We thank James Hamill at the CSCDA and all those involved in this transaction for helping with logistics – coordinating the recording and bond issuance turned out to be quite challenging and we are grateful for all those who mobilized during this period of business closures and social distancing.”
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