Press Release
Contact:
Kimberly Johnston
608.729.6900 or 608.516.5653
[email protected]
1st Milwaukee County Project to Finance $2.5 Million in Energy Upgrades
TownePlace Suites Goes Green with C-PACE
Madison, WI (June 28, 2019) – TownePlace Suites in Oak Creek, Wisconsin is the first Milwaukee County business to benefit from Commercial Property Assessed Clean Energy (C-PACE) financing though PACE Wisconsin. C-PACE is an innovative program which helps commercial, industrial, and non-profit property owner’s access affordable, long-term financing for meaningful energy upgrades to their buildings.
“Our partnership with PACE is a testament to Milwaukee County’s commitment to saving energy, reducing costs and improving building performance,” said Milwaukee County Executive Chris Abele. “Our environmental interest is our economic interest, and projects like this at Town Place Suites help save energy, reduce costs and improve building performance, all while supporting clean 21st century jobs for local residents and businesses.”
Drexel Hotel Investment, LLC incorporated $2.5 Million of C-PACE financing into the overall project cost, which will cover: roof and wall insulation, upgraded windows, interior and exterior LED lighting, energy-efficient HVAC equipment (air conditioners and furnace), energy-efficient pool heater, and low-flow faucets and showers. Over the life of these energy efficiency improvements, the building owner will recover the cost of the investment through energy savings. McFarland State Bank provided the upfront, market-based C-PACE financing component of the project capital budget. “It’s great to see PACE reach another county within the state. This development group has been ahead of the curve incorporating energy efficiencies into their projects and utilizing the program to do so. We were thrilled to partner with them on this project and look forward to doing more,” noted Dan Carey Assistant Vice President, Commercial Lending.
“It is exciting to tackle our second PACE project in Wisconsin, and third overall,” shared Kevin Page of KP Property Development. “PACE financing allows us to incorporate various energy-efficiency design features, resulting in a high-performing building that will be efficient to operate. We think this is a smart way to add value to the property.” KP Property Development partnered with Kothe Real Estate Partners, Great Lakes Management Group and Lokre Companies on the project.
PACE Wisconsin works with communities across the state to empower building owners to save energy and money, communities to create new jobs, and local economies to flourish—all without any taxpayer assistance. “PACE financing is a great tool to achieve both financial and sustainability goals of development projects,” commented Jason Stringer, Program Administrator for PACE Wisconsin. “PACE financing incentivizes developers to make investments in energy efficiency improvements by lowering their cost of capital and enhancing their return on investment.”
About PACE Wisconsin
Commercial Property Assessed Clean Energy (C-PACE) drives economic development by authorizing municipalities and counties to work with private sector lenders to provide upfront financing—usually for 100 percent of the cost of energy-saving improvements—to property owners for qualified projects. PACE Wisconsin offers an open-market solution for building owners in participating Wisconsin communities. PACE Wisconsin is administered by Madison-based nonprofit Slipstream. Interested communities should contact the administrator at [email protected] or view more information at www.pacewi.org.
Kimberly Johnston
608.729.6900 or 608.516.5653
[email protected]
1st Milwaukee County Project to Finance $2.5 Million in Energy Upgrades
TownePlace Suites Goes Green with C-PACE
Madison, WI (June 28, 2019) – TownePlace Suites in Oak Creek, Wisconsin is the first Milwaukee County business to benefit from Commercial Property Assessed Clean Energy (C-PACE) financing though PACE Wisconsin. C-PACE is an innovative program which helps commercial, industrial, and non-profit property owner’s access affordable, long-term financing for meaningful energy upgrades to their buildings.
“Our partnership with PACE is a testament to Milwaukee County’s commitment to saving energy, reducing costs and improving building performance,” said Milwaukee County Executive Chris Abele. “Our environmental interest is our economic interest, and projects like this at Town Place Suites help save energy, reduce costs and improve building performance, all while supporting clean 21st century jobs for local residents and businesses.”
Drexel Hotel Investment, LLC incorporated $2.5 Million of C-PACE financing into the overall project cost, which will cover: roof and wall insulation, upgraded windows, interior and exterior LED lighting, energy-efficient HVAC equipment (air conditioners and furnace), energy-efficient pool heater, and low-flow faucets and showers. Over the life of these energy efficiency improvements, the building owner will recover the cost of the investment through energy savings. McFarland State Bank provided the upfront, market-based C-PACE financing component of the project capital budget. “It’s great to see PACE reach another county within the state. This development group has been ahead of the curve incorporating energy efficiencies into their projects and utilizing the program to do so. We were thrilled to partner with them on this project and look forward to doing more,” noted Dan Carey Assistant Vice President, Commercial Lending.
“It is exciting to tackle our second PACE project in Wisconsin, and third overall,” shared Kevin Page of KP Property Development. “PACE financing allows us to incorporate various energy-efficiency design features, resulting in a high-performing building that will be efficient to operate. We think this is a smart way to add value to the property.” KP Property Development partnered with Kothe Real Estate Partners, Great Lakes Management Group and Lokre Companies on the project.
PACE Wisconsin works with communities across the state to empower building owners to save energy and money, communities to create new jobs, and local economies to flourish—all without any taxpayer assistance. “PACE financing is a great tool to achieve both financial and sustainability goals of development projects,” commented Jason Stringer, Program Administrator for PACE Wisconsin. “PACE financing incentivizes developers to make investments in energy efficiency improvements by lowering their cost of capital and enhancing their return on investment.”
About PACE Wisconsin
Commercial Property Assessed Clean Energy (C-PACE) drives economic development by authorizing municipalities and counties to work with private sector lenders to provide upfront financing—usually for 100 percent of the cost of energy-saving improvements—to property owners for qualified projects. PACE Wisconsin offers an open-market solution for building owners in participating Wisconsin communities. PACE Wisconsin is administered by Madison-based nonprofit Slipstream. Interested communities should contact the administrator at [email protected] or view more information at www.pacewi.org.
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2019 PACE WISCONSIN | 1.800.522.3014