Client: JPI
Location: Celina, Texas
Project Type: New Construction
JPI is a prominent, nationally scaled developer of Class A multifamily communities, with deep execution expertise across site selection, construction, and delivery. Since 1989, the firm has delivered more than 370 Class A communities totaling over 115,000 homes across 27 states.
The Jefferson Ownsby Complex is a 436-unit, Class A, garden-style multifamily community located north of the Dallas–Fort Worth metro, consisting of four apartment buildings and a clubhouse across 16 acres. Designed by JPI, the development is financed with a senior construction facility from advisory clients of Aquarian Real Estate Partners (AREP) and $23.5 million in C-PACE from PACE Equity Finance.
The combined structure provides a stretch-senior execution at below-market blended terms, enabling JPI to fund the project with its existing balance.
“We value the opportunity to have worked with AREP and PACE Equity Finance on our 436-unit project in Celina, Texas, which allowed us to utilize a turn-key C-PACE financing structure in alignment with our business plan for the asset. We hope to grow our collaboration as we continue to develop sustainable, energy-efficient living spaces for the stakeholders we serve.” Aaron Douthit, Vice President of JPI
Total Debt Solution
The financing was executed through a fully coordinated underwriting and closing process, allowing JPI to deliver a single diligence package, experience a synchronized credit process, and achieve an accelerated closing timeline across both senior and C-PACE tranches. By substituting C-PACE for incremental outside equity, JPI achieved higher leverage with a lower blended rate, internal equity, and a streamlined borrower experience.
“JPI has been interested in exploring a C-PACE execution to improve their deal economics but desired a full debt stack solution” said Ethan Elser, EVP, Originations at PACE Equity Finance. “We are pleased to collaborate with a sponsor like JPI and continue demonstrating how C-PACE can enable transactions in today’s marketplace.”