Press Release
Contact:
Kimberly Johnston
608.729.6900 or 608.516.5653
[email protected]
Preparing for Foxconn with C-PACE
VMP Holdings Incorporates $875,000 in C-PACE Financing in My Place Hotel
Madison, WI (November 18, 2019) My Place Hotel recently opened its doors in preparation for Foxconn’s, one of the world's largest electronics manufacturers, expansion into Racine County. The hotel, a three-story, 64-room extended-stay lodging is located along I-94, just a few blocks south from where Foxconn will be operating a test facility, its temporary administrative headquarters and the eventual 1 million square foot Foxconn campus. The area is also seeing growth with the Aurora Health Care Medical Center that plans to complete by 2022.
VMP Holdings incorporated $875,000 in C-PACE financing in the My Place Hotel new construction project including: energy efficiency measures for the hotel building envelope, high efficiency mini split system (elevator room), high efficiency split system (in the main floor common area), packaged terminal air conditioners, commercial water heaters, LED lighting, low flow fixtures, and a hydraulic elevator. The investment in clean energy measures will save the hotel an estimated $44,303 a year in energy costs.
“I love PACE and it makes sense with our brand, because cost and quality are important to us and our customers. PACE financing helped us put the energy efficiency measures in the building to operate at a better profit. We are using less energy and saving money doing it,” explained Matt Eller, Owner, Eller Enterprises.
PACE Loan Group provided C-PACE financing for the project. Rafi Golberstein, CEO, PACE Loan Group shared, “We had been working on this project for quite a while, we had a good developer that was building a quality product. The developer was able to use retroactive eligibility for PACE financing.” He continued, “Using PACE financing allowed them to implement the project more economically.”
Jason Stringer, PACE Wisconsin Administrator noted, “My Place Hotel is the first commercial business in the area to incorporate PACE financing into the capital stack. We look forward to working with other commercial property owners and Racine county, to help drive regional development and achieve clean energy goals.”
Kimberly Johnston
608.729.6900 or 608.516.5653
[email protected]
Preparing for Foxconn with C-PACE
VMP Holdings Incorporates $875,000 in C-PACE Financing in My Place Hotel
Madison, WI (November 18, 2019) My Place Hotel recently opened its doors in preparation for Foxconn’s, one of the world's largest electronics manufacturers, expansion into Racine County. The hotel, a three-story, 64-room extended-stay lodging is located along I-94, just a few blocks south from where Foxconn will be operating a test facility, its temporary administrative headquarters and the eventual 1 million square foot Foxconn campus. The area is also seeing growth with the Aurora Health Care Medical Center that plans to complete by 2022.
VMP Holdings incorporated $875,000 in C-PACE financing in the My Place Hotel new construction project including: energy efficiency measures for the hotel building envelope, high efficiency mini split system (elevator room), high efficiency split system (in the main floor common area), packaged terminal air conditioners, commercial water heaters, LED lighting, low flow fixtures, and a hydraulic elevator. The investment in clean energy measures will save the hotel an estimated $44,303 a year in energy costs.
“I love PACE and it makes sense with our brand, because cost and quality are important to us and our customers. PACE financing helped us put the energy efficiency measures in the building to operate at a better profit. We are using less energy and saving money doing it,” explained Matt Eller, Owner, Eller Enterprises.
PACE Loan Group provided C-PACE financing for the project. Rafi Golberstein, CEO, PACE Loan Group shared, “We had been working on this project for quite a while, we had a good developer that was building a quality product. The developer was able to use retroactive eligibility for PACE financing.” He continued, “Using PACE financing allowed them to implement the project more economically.”
Jason Stringer, PACE Wisconsin Administrator noted, “My Place Hotel is the first commercial business in the area to incorporate PACE financing into the capital stack. We look forward to working with other commercial property owners and Racine county, to help drive regional development and achieve clean energy goals.”