The Boardwalk, a two-phase short-term rental condominium currently being built in Traverse City, Michigan, has secured nearly $4 million in C-PACE financing from PACE Loan Group. The first phase of the project received an early disbursement of $1.7 million and is expected to be completed by March 2024; construction on the second phase will begin this month with an estimated completion date in the second quarter of 2024.
Phase I includes a total of 42 units, including five commercial retail spaces on the ground floor. Phase II is a five-story residential building with 48 rentable units and no ground-floor retail space.
Both C-PACE loans were provided by a local credit union as senior lender. “Utilizing C-PACE financing allowed us to incorporate energy-efficient features into our original construction plan while also optimizing our capital stack,” stated Bali Kumar, COO at PACE Loan Group.
The funds from PACE will be used for energy conservation and renewable energy measures that are projected to save $120,140 annually over a payback period of approximately 13 years. Lean and Green Michigan manages the private/public partnership that administers the PACE program.
This article was originally published on Connect CRE’s website.
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