Press Release
Contact:
Kimberly Johnston
608.729.6900 or 608.516.5653
[email protected]
$8.8 Million in C-PACE Funding Used in Rehabilitation of Hotel Northland
The largest C-PACE financing in Wisconsin and the first C-PACE Project in Brown County
Madison, WI (June 7, 2019) The recently completed rehabilitation of Hotel Northland included $8.8 Million of Commercial Property Assessed Clean Energy (C-PACE) financing for energy efficiency improvements. Originally constructed in 1924 and currently listed on the National Register of Historic Places, the hotel is in the heart of the Green Bay’s down-town district, just three miles from Lambeau Field.
The C-PACE funding portion of the Hotel Northland restoration covered the financing for the energy efficiency measures including: roof and wall insulation, LED lighting, heating ventilation and air conditional (HVAC) central plant, HVAC air handling and fan coiling units, low-flow showers and faucets, and exterior LEDs. The updated energy efficiency, renewable energy, and water conservation improvements to the Hotel Northland will help the property save roughly $12.7 Million in energy savings over the course of the loan while saving over 5.2 Million gallons of water annually.
Troy Streckenbach, County Executive, Brown County explained, “PACE is an important economic development tool which has tremendous benefits for all of Brown County. It’s a win for taxpayers, a win for the County, and a win for both business owners and urban renewal.” In addition to adding to the revitalization of the downtown, the development project is projected to create more than 135 jobs. Communities of all sizes are currently looking for cost effective economic development tools. And, C-PACE financing with PACE Wisconsin is providing an option for state and local governments as well as property owners.
“C-PACE financing makes it possible for real estate property owners to obtain low-cost, long-term financing for 100% of the hard and soft costs of energy efficiency, renewable energy and water conservation improvements to commercial properties. C-PACE financing is a low-cost replacement for more expensive debt and equity,” explained Paul Hoffman, Managing Director, CCG PACE Funding. “The C-PACE financing is an important facet of the financial structure that provides long-term financial stability for the Hotel Northland while facilitating a substantial reduction in energy and water usage.”
Jason Stringer, Program Administrator, PACE Wisconsin shared, “The $8.8 million Hotel Northland PACE financing is not only the first completed transaction in Brown County, it’s also the largest PACE transaction completed in Wisconsin to date. This financing was integral in helping the hotel ownership group lower its cost of doing business and boost the energy efficiency of their building and operations. These are all important accomplishments and show the potential of the program to other businesses here in Wisconsin.”
C-PACE financing helps commercial property owners obtain low-cost, long-term financing for energy efficiency, renewable energy, and water conservation improvements. The PACE Wisconsin Program is available in 40 counties in the state, and the program continues to grow. PACE Wisconsin is administered by Energy Finance Solutions (EFS), the financial services division of Wisconsin-based nonprofit, Slipstream.
About CCG PACE Funding
CCG PACE Funding, LLC provides long-term, flexible financing to owners of large-scale commercial properties located throughout the United States that intend to utilize C-PACE financing for energy efficiency, water conservation, renewable energy, seismic and wind improvements as part of their capital stacks. C-PACE financings are individually customized to meet the needs of each stakeholder. CCG PACE Funding is affiliated with CityScape Capital Group, LLC, an entity that has over 25 years of experience funding highly structured transactions located throughout the country involving historic, new markets, energy and low-income housing tax credits. Please visit us at www.ccgpace.com.
Kimberly Johnston
608.729.6900 or 608.516.5653
[email protected]
$8.8 Million in C-PACE Funding Used in Rehabilitation of Hotel Northland
The largest C-PACE financing in Wisconsin and the first C-PACE Project in Brown County
Madison, WI (June 7, 2019) The recently completed rehabilitation of Hotel Northland included $8.8 Million of Commercial Property Assessed Clean Energy (C-PACE) financing for energy efficiency improvements. Originally constructed in 1924 and currently listed on the National Register of Historic Places, the hotel is in the heart of the Green Bay’s down-town district, just three miles from Lambeau Field.
The C-PACE funding portion of the Hotel Northland restoration covered the financing for the energy efficiency measures including: roof and wall insulation, LED lighting, heating ventilation and air conditional (HVAC) central plant, HVAC air handling and fan coiling units, low-flow showers and faucets, and exterior LEDs. The updated energy efficiency, renewable energy, and water conservation improvements to the Hotel Northland will help the property save roughly $12.7 Million in energy savings over the course of the loan while saving over 5.2 Million gallons of water annually.
Troy Streckenbach, County Executive, Brown County explained, “PACE is an important economic development tool which has tremendous benefits for all of Brown County. It’s a win for taxpayers, a win for the County, and a win for both business owners and urban renewal.” In addition to adding to the revitalization of the downtown, the development project is projected to create more than 135 jobs. Communities of all sizes are currently looking for cost effective economic development tools. And, C-PACE financing with PACE Wisconsin is providing an option for state and local governments as well as property owners.
“C-PACE financing makes it possible for real estate property owners to obtain low-cost, long-term financing for 100% of the hard and soft costs of energy efficiency, renewable energy and water conservation improvements to commercial properties. C-PACE financing is a low-cost replacement for more expensive debt and equity,” explained Paul Hoffman, Managing Director, CCG PACE Funding. “The C-PACE financing is an important facet of the financial structure that provides long-term financial stability for the Hotel Northland while facilitating a substantial reduction in energy and water usage.”
Jason Stringer, Program Administrator, PACE Wisconsin shared, “The $8.8 million Hotel Northland PACE financing is not only the first completed transaction in Brown County, it’s also the largest PACE transaction completed in Wisconsin to date. This financing was integral in helping the hotel ownership group lower its cost of doing business and boost the energy efficiency of their building and operations. These are all important accomplishments and show the potential of the program to other businesses here in Wisconsin.”
C-PACE financing helps commercial property owners obtain low-cost, long-term financing for energy efficiency, renewable energy, and water conservation improvements. The PACE Wisconsin Program is available in 40 counties in the state, and the program continues to grow. PACE Wisconsin is administered by Energy Finance Solutions (EFS), the financial services division of Wisconsin-based nonprofit, Slipstream.
About CCG PACE Funding
CCG PACE Funding, LLC provides long-term, flexible financing to owners of large-scale commercial properties located throughout the United States that intend to utilize C-PACE financing for energy efficiency, water conservation, renewable energy, seismic and wind improvements as part of their capital stacks. C-PACE financings are individually customized to meet the needs of each stakeholder. CCG PACE Funding is affiliated with CityScape Capital Group, LLC, an entity that has over 25 years of experience funding highly structured transactions located throughout the country involving historic, new markets, energy and low-income housing tax credits. Please visit us at www.ccgpace.com.
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