PACE Equity, the leading PACE project developer and funder of CPACE (Commercial PACE) projects on a national basis, announces PACE completion and funding for a new construction multifamily project in the MainStrasse Village area of Covington, KY. The building represents an exciting milestone as the largest PACE multifamily new construction project nationally and the first new construction PACE project in Covington.
The project, known as RiverHaus, is a new construction multifamily development with 192 luxury units. Developed by Flaherty & Collins Properties, an award winning premier development firm, the project is a best in class for the area. The project represents an investment of $45,000,000 to Covington, KY. The PACE portion of the project was approximately $4,400,000, representing approximately 10% of the total development.
“This project is a major milestone for PACE as a new construction tool,” said Beau Engman, PACE Equity Founder & President. “This project is the largest new construction multifamily project on a national basis to utilize PACE financing, which is very exciting. It’s always great to see PACE utilized to transform a vacant lot into such a fantastic project for the area.”
Deron Kintner, Flaherty & Collins Properties General Counsel and lead on the RiverHaus project said, “We are excited to close on our financing and begin construction soon on this marquee project for Covington. The RiverHaus financing employed several complex elements, including PACE Equity and an Industrial Revenue Bond (IRB) structure on city owned land. The team on the project was great and was successful all around. PACE Equity, as our PACE partner, was an essential element to this project moving forward.”
Gene Quarells, Missouri Managing Partner for PACE Equity who oversees the relationship with Flaherty & Collins Properties said, “It’s exciting to partner together on this project. Although PACE financing was new to them, they were incredibly receptive to hearing about it and working through the details with us. They saw the value of our how our turnkey process and financing would complete their capital stack. We look forward to partnering on future projects.”
The PACE project & sustainable features include several enhancements over base code requirements including high efficiency heat pumps, LED lighting, smart thermostats, low flow pumping and energy efficient elevators.
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 20 PACE markets nationally and committed capital for projects. For more information on PACE Equity in Kentucky or Ohio, contact David Oliverio at (513)-546-2941 or firstname.lastname@example.org. For information on PACE Equity, please contact Ethan Elser at (414)-446-3645 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.