SAN DIEGO – Green Pace Financial and its affiliate Hoover Financial closed the US$34.7 million in Commercial PACE approved construction financing to complete the construction of a 53 Unit Class A Multifamily development plus 45,000 Square feet of retail for one of their most active Southern California clients.
The companies arranged the US$21 million senior loan from one of their most active national Multifamily lenders combined with US$13.7 million in C-PACE energy saving financing.
Commercial PACE has become a popular new energy saving financing program now approved in 37 states nationwide. The program allows up to 80% non-recourse financing with interest rates in the high 5% fixed and fully amortized up to 30 years.
“We’re excited to be part of the redevelopment taking place in the City of Poway. With the recent onset of COVID the construction of residential communities is considered an essential service industry that continues to fill the need for new housing in California,” stated Shawn Heyl, Chief Executive Officer of Green Pace Financial.
Green Pace Financial and Hoover Financial are leading national commercial financing advisory firm’s focused on structuring up to 80% financing solutions for Multi-family, Hotel, Mixed-Use and Commercial projects.
Source: PR News Wire