PACE Equity Develops & Funds Little Rock Project with Several Milestones
First new construction multifamily PACE project in the U.S. represents $1.9 million in building lifetime savings.
Milwaukee, December 5, 2016 – PACE Equity, the leading project developer and funder of CPACE (Commercial Property Assessed Clean Energy) projects on a national basis, announces the PACE funding of a new construction multifamily development in West Little Rock. The project represents several exciting milestones for PACE in Arkansas, including:
- First Pulaski Commercial PACE Project and Second PACE Project in Arkansas
- First New Construction Project in Arkansas
- Largest PACE project in Arkansas to date (more than ten times the size of the first PACE project in Arkansas)
- First New Construction Multifamily PACE project in the United States
The project is a 48-unit multiple building complex on Aldersgate Road in West Little Rock and represents an investment of approximately $6.4m. The PACE portion was $654,000, or roughly 10 percent, of the total development cost.
The PACE financing was provided by the collaboration of the Pulaski County PACE District; PACE Equity, LLC, a national turnkey project developer and funder for CPACE projects; and PACE Arkansas, a third-party administrator of Pulaski PACE Financing.
The energy improvements and upgrades will provide over $ 1.9 million in savings over the life of the project.
“This was a great first project for PACE Equity in Arkansas and Pulaski Commercial PACE,” said Beau Engman, PACE Equity Founder & President. “It shows how PACE is a great tool for developers, economic development and sustainability in Arkansas. Utilizing PACE Equity allowed Aldersgate to be a more sustainable building and drive an increased return for the developers. That’s the ultimate win-win.”
The PACE project and sustainable features include LED lighting, upgraded HVAC systems, thick insulation and improved windows and roofing.
“PACE Equity brought this idea to us and it was a home run. They handled everything required and ran a great project,” said AJ Gilbert, the project’s co-developer. “We think PACE is a great tool and look forward to working with PACE Equity again.”
“I’ve been personally working for the last year to see PACE launched in Pulaski County and to see a project closed is very exciting,” commented Jordan Haas, PACE Equity Managing Partner for Arkansas. “We are working with a wide array of developers, building owners and non-profits here to help them access PACE and expect more closing announcements soon.”
About PACE Equity
PACE Equity is the leading project developer and funder of CPACE projects. By utilizing PACE Equity’s turnkey approach to PACE projects, building owners and developers across the country work with PACE Equity on renovation, redevelopment and new construction projects. PACE Equity has a local presence in seventeen PACE markets nationally and a $300M capital facility to fund its projects. For more information on PACE Equity, contact Ethan Elser at (414)-446-3645, email Ethan Elser at email@example.com or visit www.pace-equity.com.
What is PACE?
PACE, which stands for Property Assessed Clean Energy, is a simple and effective way to finance energy efficiency, renewable energy, and water conservation upgrades to buildings. PACE can pay for new heating and cooling systems, lighting improvements, solar panels, water pumps, insulation, and more. It can be used for almost any property – commercial, industrial, multifamily, non-profit, and agricultural properties.
PACE is designed to breakdown longstanding barriers to energy efficiency, as well as creating jobs. For more information on Pulaksi Commercial PACE, contact Jordan Haas, PACE Equity Managing Partner for Arkansas at (501)-372-2398 or firstname.lastname@example.org