Developer: Renew Partners
Location: Cleveland, OH
Project Types: Development, Renovations, Adaptive Reuse
Renew Partners is a multi-project client of PACE Equity Finance, developing five successful projects in the Midwest over the past few years. Renew Partners uses C-PACE to fill funding gaps, avoid higher-cost capital, and enhance project returns. They recognize that C-PACE delivers on those key objectives they seek to achieve for their projects.
Their Residences at the Agora project, the redevelopment of an historic Cleveland theater, was designed as a high-performance building, achieving a low-carbon certification and creating a living environment that is healthy and energy efficient for the tenants.
“Tenants care about environmental issues and lower utility costs and we think efficiency will be a differentiator for us. Our goal is to have a building that is efficient over the long run… that brings value to our tenants, investors, and us.”
Shawn Neece, Principal, Renew Partners
Renew Partners also used C-PACE financing to complete the capital stack for its renovation of a high-end student housing project at Lake Erie College. The project delivered upscale, sustainable housing for students at the private liberal arts college in Painesville, Ohio. Lake Erie College partnered with Renew Partners to redevelop an existing site and help finance the new housing development, Painesville Tower.
In addition to the Agora redevelopment and the Painesville Tower renovation, Renew Partners financed three other developments with PACE Equity Finance: the Wingate by Wyndham, TownePlace Suites by Marriott, and the 70th Apartments. In each project, C-PACE capital was used strategically to improve the project’s IRR. Furthermore, C-PACE provided additional benefits: supporting a tight closing timeline, reducing the WACC, freeing up equity for an upcoming project, and closing a funding gap.
Clients continue to return to PACE Equity Finance as a trusted partner delivering private capital that works. From in-house engineering audits to lender consent support, we help streamline the C-PACE process and deliver a positive customer experience from start to finish.