Press Release
Contact:
Kimberly Johnston
608.729.6900 or 608.516.5653
[email protected]
C-PACE Financing Helps to Renovate the Block in Oshkosh
Madison, WI (February 7, 2020) PACE Wisconsin recently approved $900,000 C-PACE financing for Alexander & Bishop Real Estate’s redevelopment of a collection of multi-family units on 1615 West New York Avenue in Oshkosh, Wisconsin. The redevelopment effort included the complete renovation of four, eight-unit apartment buildings—the University Lofts.
“Alexander & Bishop has discovered that C-PACE financing drives value by lowering the cost of capital for investments in qualified clean energy improvements to their real estate portfolio. C-PACE financing encourages investments in higher performance building components, such as building shell upgrades, efficient lighting and HVAC systems, all of which creates value and drives long-term clean energy benefits,” explained Jason Stringer, PACE Wisconsin, Program Administrator.
The buildings where originally constructed between 1965-1971. Due to the age of the units, there were many energy inefficient areas and it was the new owner’s desire to upgrade these units for both their long-term investment viability and for the benefit of the tenants going forward. Eight major areas of improvements were upgraded with PACE financing including: interior lighting, exterior lighting, cathedral ceiling insulation, outer-wall infiltration, windows/patio doors, updating each unit’s heating system, water flow conservation with fixture updates, and certain installed appliances.
“The PACE Wisconsin Program is quickly becoming an important tool for our team as we strive to deliver efficient, quality and affordable housing to the Wisconsin market. The PACE program allowed us to close the capital gap and reach for highly efficient energy and building envelope systems, allowing the property to reach its full potential,” shared Logan Jungbacker, Director of Asset Management for Alexander & Bishop Real Estate Capital Markets.
“With the help of PACE Wisconsin and these improvements, our team was able to substantially reduce the building's carbon footprint and offer efficient and affordable housing to our community,” he continued.
McFarland State Bank provided C-PACE financing for the project. Dan Carey, Vice President, Commercial Lending, McFarland State Bank shared, “Alexander & Bishop is a topnotch group that takes pride in the product they deliver. The PACE program will be a natural fit for them moving forward on their efforts to provide efficient, affordable housing units. They also value a relationship bank, which made McFarland State Bank a great fit for them in the PACE capital market given our extensive experience with the program and roots as a community bank.”
PACE Financing is an economic development tool that utilizes private capital to fund clean energy improvements as described above and below. These improvements help boost property values, promote economic development and generate enduring clean energy benefits for our Wisconsin communities.
Kimberly Johnston
608.729.6900 or 608.516.5653
[email protected]
C-PACE Financing Helps to Renovate the Block in Oshkosh
Madison, WI (February 7, 2020) PACE Wisconsin recently approved $900,000 C-PACE financing for Alexander & Bishop Real Estate’s redevelopment of a collection of multi-family units on 1615 West New York Avenue in Oshkosh, Wisconsin. The redevelopment effort included the complete renovation of four, eight-unit apartment buildings—the University Lofts.
“Alexander & Bishop has discovered that C-PACE financing drives value by lowering the cost of capital for investments in qualified clean energy improvements to their real estate portfolio. C-PACE financing encourages investments in higher performance building components, such as building shell upgrades, efficient lighting and HVAC systems, all of which creates value and drives long-term clean energy benefits,” explained Jason Stringer, PACE Wisconsin, Program Administrator.
The buildings where originally constructed between 1965-1971. Due to the age of the units, there were many energy inefficient areas and it was the new owner’s desire to upgrade these units for both their long-term investment viability and for the benefit of the tenants going forward. Eight major areas of improvements were upgraded with PACE financing including: interior lighting, exterior lighting, cathedral ceiling insulation, outer-wall infiltration, windows/patio doors, updating each unit’s heating system, water flow conservation with fixture updates, and certain installed appliances.
“The PACE Wisconsin Program is quickly becoming an important tool for our team as we strive to deliver efficient, quality and affordable housing to the Wisconsin market. The PACE program allowed us to close the capital gap and reach for highly efficient energy and building envelope systems, allowing the property to reach its full potential,” shared Logan Jungbacker, Director of Asset Management for Alexander & Bishop Real Estate Capital Markets.
“With the help of PACE Wisconsin and these improvements, our team was able to substantially reduce the building's carbon footprint and offer efficient and affordable housing to our community,” he continued.
McFarland State Bank provided C-PACE financing for the project. Dan Carey, Vice President, Commercial Lending, McFarland State Bank shared, “Alexander & Bishop is a topnotch group that takes pride in the product they deliver. The PACE program will be a natural fit for them moving forward on their efforts to provide efficient, affordable housing units. They also value a relationship bank, which made McFarland State Bank a great fit for them in the PACE capital market given our extensive experience with the program and roots as a community bank.”
PACE Financing is an economic development tool that utilizes private capital to fund clean energy improvements as described above and below. These improvements help boost property values, promote economic development and generate enduring clean energy benefits for our Wisconsin communities.