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PACE Equity Funds First New Construction CPACE Project in PACE Wisconsin Program

PACE Equity recently completed PACE funding for the development of a new construction multifamily project in Verona, WI, just outside Madison, called Velocity Apartments. This represents the first new construction project approved by the PACE Wisconsin program. The $5.5m capital stack and consisted of a construction loan, developer equity and PACE Equity. In addition to funding, PACE Equity provided turnkey services including managing all of the approvals & structuring required by the state, the mortgage lender acknowledgement and the required energy engineering. The mortgage lender had not previously consented to CPACE financing.

PAOLI STREET PARKING ENTRY


"PACE Equity as our partner allowed us to develop the building we wanted to, while overall lowering our cost of capital.” - Kyle Dumbleton, Project Developer

Why They Chose Us

The development team had specifics goals and needs for this project. Here's why they choose to utilize PACE Equity for the Velocity Apartments:

  • Preserved capital for future development projects
  • Reduced cost of capital vs. utilizing other outside investors
  • Maintained the mechanical and design choices, rather than value engineering them out

Download the Case Study for the First Multi-Family New Construction Project to Use PACE.This Is What We Do

This is one of many new construction projects PACE Equity has funded. Funding across multifamily, hospitality, retail and office, PACE Equity is the leading funder for CPACE development projects. Learn about other projects that we have funded on our resources page, by clicking the case study above or contact us.

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