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.”
This is PACE Equity’s 5th completed new construction project, which includes projects in Arkansas, Colorado, Kentucky and Wisconsin.
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.