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 acknowledgment and the required energy engineering. The mortgage lender had not previously consented to CPACE financing.
“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 specific 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
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 case studies page or contact us.