SAN DIEGO, April 29, 2020 /PRNewswire/ -- Green Pace Financial, Inc. and its affiliate Hoover Financial, Inc. announced today that they have closed on $44.5 Million in PACE approved construction financing for Live, Work, Create Equity, LLC to construct a new 126 Luxury Multifamily development in Koreatown.
The combined 80% Loan-to-Cost non-recourse financing included $14.5 Million in C-PACE energy saving financing. C-PACE financing has become a popular new program approved in 34 states nationwide for commercial development projects and provides up to 25% of total project cost at a low fixed rate in the high 5% range fully amortized up to 30 years. The balance of the C-PACE approved financing for the project was in the form of a new $30 Million senior construction loan also non-recourse provided by one of Green Pace Financials most active private equity construction lenders. The funding closed in late March, 2020 with construction expected to begin this summer.
"We're excited to be part of the historically high growth the culturally diverse neighborhood of Koreatown is experiencing and look forward to being a long-term financing partner for the developer on future projects. With the recent onset of COVID-19 the construction of residential communities has been designated by the City of Los Angeles as an essential service industry that continues to fill the shortage of new housing in Southern California. Our C-PACE financing teams are working overtime to help keep our economy moving by creating essential jobs while also helping to save energy," stated Shawn Heyl, Chief Executive Officer of Green Pace Financial, Inc.
About Green Pace Financial, Inc.
Green Pace Financial, Inc. is a leading national commercial advisory firm focused on structuring complete capital stack solutions up to 90% Loan to Cost for Hotels, Multi-family, Mixed-Use and Commercial projects utilizing the Construction Plus PACE program. The company represents its developer clients by negotiating the best C-PACE pricing and terms through an established national network of PACE providers. Green Pace Financial also utilizes its national network of construction lenders to negotiate the best senior construction loan combined with C-PACE resulting in the highest leverage, lowest interest, non-recourse construction financing solutions available in the commercial construction industry. Its affiliate, Scott Hoover of Hoover Financial, Inc. stated that C-PACE is the ideal solution for commercial developers needing low cost capital combined with today's energy saving and resilient improvements.
SOURCE Green Pace Financial, Inc.