Press Release

Contact:
Kimberly Johnston
608.729.6900 or 608.516.5653
[email protected]
Fox Valley's Newest Southpoint Commerce Park Project Uses C-PACE Financing in New Construction
Madison, WI (October 27, 2020) The F-Street Group uses almost $2 million in commercial property assessed clean energy (C-PACE) to finance energy efficiency measures for the construction of their 218,240 square foot industrial building. Once complete, the property will house warehouse and distribution tenants in the Southpoint Commerce Park located in Appleton, Wisconsin.
F Street Group incorporated C-PACE financing as part of their capital stack as a low-cost financing solution compared to traditional equity. As is the case with most of their projects, they completed an equity raise with their investor group to secure the equity funds necessary to construct this project. Utilizing C-PACE for this project provided a significant boost to the equity investors.
“PACE Equity provided us with the ability to pay off the PACE loan at any point with minimal to no prepayment penalty, depending on the timing of this event. This is our first-time using PACE financing, though we’ve developed projects previously with green initiatives that have provided refunds and subsidies from the local governments,” said Scott Lurie, Principal of F Street Development.
Lurie continued, “We’ve been diligent in designing our recent projects to meet stringent renewable energy and water initiatives to ensure a lower carbon footprint and sustainable green initiatives for our developments. Utilizing PACE Equity was a win-win for our project and for our investors and will help with developing the full scope of our project in the Fox Valley.”
With vacancy levels at 2.3% and pent-up demand in the Fox Valley Region for Class A Industrial product, there is a significant opportunity and the development is fulfilling a need. The first building to be constructed on the 50-acre master-planned development will be a speculative building, which broke ground on October 26, 2020. According to Todd Romenesko, Calumet County Administrator, “Calumet County is pleased that ground has been broken on our first successful PACE project in the county. This project is a win for the PACE program, the county, the host City of Appleton, and the development team. It will help achieve sustainability goals while also supporting a financially sound project.”
“We were fortunate to partner with a forward-thinking developer like F Street in this underserved market. Through our fast track funding process, we brought a full solution to the project for both funding, approvals, and engineering. Our in-house expertise in energy engineering enabled us to maximize both funding and amortization while reducing the developer’s equity contribution. We're looking forward to more projects with F Street and other owners/developers,” shared Griffin Peterson, Managing Director of Wisconsin, PACE Equity.
Pictured above, left to right: Jim Dallas /Keller, Nathan Laurent/Keller, Karl Wiedenman/CBRE, Scott Lurie/F Street Development, Josh Lurie/F Street Development, Jake Woodford/Mayor of Appleton, Andy Lubinski/CBRE and Justin Felix/CBRE
Kimberly Johnston
608.729.6900 or 608.516.5653
[email protected]
Fox Valley's Newest Southpoint Commerce Park Project Uses C-PACE Financing in New Construction
Madison, WI (October 27, 2020) The F-Street Group uses almost $2 million in commercial property assessed clean energy (C-PACE) to finance energy efficiency measures for the construction of their 218,240 square foot industrial building. Once complete, the property will house warehouse and distribution tenants in the Southpoint Commerce Park located in Appleton, Wisconsin.
F Street Group incorporated C-PACE financing as part of their capital stack as a low-cost financing solution compared to traditional equity. As is the case with most of their projects, they completed an equity raise with their investor group to secure the equity funds necessary to construct this project. Utilizing C-PACE for this project provided a significant boost to the equity investors.
“PACE Equity provided us with the ability to pay off the PACE loan at any point with minimal to no prepayment penalty, depending on the timing of this event. This is our first-time using PACE financing, though we’ve developed projects previously with green initiatives that have provided refunds and subsidies from the local governments,” said Scott Lurie, Principal of F Street Development.
Lurie continued, “We’ve been diligent in designing our recent projects to meet stringent renewable energy and water initiatives to ensure a lower carbon footprint and sustainable green initiatives for our developments. Utilizing PACE Equity was a win-win for our project and for our investors and will help with developing the full scope of our project in the Fox Valley.”
With vacancy levels at 2.3% and pent-up demand in the Fox Valley Region for Class A Industrial product, there is a significant opportunity and the development is fulfilling a need. The first building to be constructed on the 50-acre master-planned development will be a speculative building, which broke ground on October 26, 2020. According to Todd Romenesko, Calumet County Administrator, “Calumet County is pleased that ground has been broken on our first successful PACE project in the county. This project is a win for the PACE program, the county, the host City of Appleton, and the development team. It will help achieve sustainability goals while also supporting a financially sound project.”
“We were fortunate to partner with a forward-thinking developer like F Street in this underserved market. Through our fast track funding process, we brought a full solution to the project for both funding, approvals, and engineering. Our in-house expertise in energy engineering enabled us to maximize both funding and amortization while reducing the developer’s equity contribution. We're looking forward to more projects with F Street and other owners/developers,” shared Griffin Peterson, Managing Director of Wisconsin, PACE Equity.
Pictured above, left to right: Jim Dallas /Keller, Nathan Laurent/Keller, Karl Wiedenman/CBRE, Scott Lurie/F Street Development, Josh Lurie/F Street Development, Jake Woodford/Mayor of Appleton, Andy Lubinski/CBRE and Justin Felix/CBRE
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