Press Release
Contact:
Kimberly Johnston
608.729.6900 or 608.516.5653
kjohnston@weccusa.org
The Edge Developer Incorporates Commercial PACE Financing
Making Property Energy Efficient for Tenants
Madison, WI (March 7, 2019) – The Edge, the new multi-use property on Madison’s near-east side, is using Commercial Property Accessed Clean Energy (C-PACE) financing to make key energy efficient upgrades to the 53 modern apartment units and the first floor of commercial space.
The Edge’s developers, Forward Development Group is using C-PACE financing to fund energy-efficient building features, including: upgraded roofing, walls, windows, and lighting, as well as efficient heating and cooling equipment, efficient water heating equipment, garage demand-controlled ventilation, and low-flow faucets and fixtures for water conservation. These features will result in over $55,000 average annual energy and water savings during the lifetime of the clean energy improvements. Ron Henshue, Vice President of Operations, of Forward Development explained, “PACE financing allows us to offer a more energy efficient space for tenants and, as a result, provided key funding to complete this project.”
McFarland State Bank provided the $1.42 million PACE financing for the qualified clean energy components of the project budget. McFarland State Bank is an active lender for the PACE Wisconsin program, and this is its fifth C-PACE transaction to date. “By providing commercial PACE financing we are helping our clients to implement energy savings measures that are good for the environment, their tenants,” explained Dan Carey, Assistant Vice President, Commercial Lending. “This was a nice property to the add to the growing array of projects that have utilized C-PACE in Wisconsin. A mixed-use property located in Downtown Madison off Williamson Street, an area that has seen some nice revitalization over the past few years. We’re excited to get Forward Development as a user of the program. They are an active developer that put forth an excellent product,” he continued.
Jason Stringer, Program Administrator, PACE Wisconsin shared, “PACE financing helps stimulate investments in clean energy improvements in commercial buildings which generates economic development and reinvestment in local communities.”
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 34 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.
Kimberly Johnston
608.729.6900 or 608.516.5653
kjohnston@weccusa.org
The Edge Developer Incorporates Commercial PACE Financing
Making Property Energy Efficient for Tenants
Madison, WI (March 7, 2019) – The Edge, the new multi-use property on Madison’s near-east side, is using Commercial Property Accessed Clean Energy (C-PACE) financing to make key energy efficient upgrades to the 53 modern apartment units and the first floor of commercial space.
The Edge’s developers, Forward Development Group is using C-PACE financing to fund energy-efficient building features, including: upgraded roofing, walls, windows, and lighting, as well as efficient heating and cooling equipment, efficient water heating equipment, garage demand-controlled ventilation, and low-flow faucets and fixtures for water conservation. These features will result in over $55,000 average annual energy and water savings during the lifetime of the clean energy improvements. Ron Henshue, Vice President of Operations, of Forward Development explained, “PACE financing allows us to offer a more energy efficient space for tenants and, as a result, provided key funding to complete this project.”
McFarland State Bank provided the $1.42 million PACE financing for the qualified clean energy components of the project budget. McFarland State Bank is an active lender for the PACE Wisconsin program, and this is its fifth C-PACE transaction to date. “By providing commercial PACE financing we are helping our clients to implement energy savings measures that are good for the environment, their tenants,” explained Dan Carey, Assistant Vice President, Commercial Lending. “This was a nice property to the add to the growing array of projects that have utilized C-PACE in Wisconsin. A mixed-use property located in Downtown Madison off Williamson Street, an area that has seen some nice revitalization over the past few years. We’re excited to get Forward Development as a user of the program. They are an active developer that put forth an excellent product,” he continued.
Jason Stringer, Program Administrator, PACE Wisconsin shared, “PACE financing helps stimulate investments in clean energy improvements in commercial buildings which generates economic development and reinvestment in local communities.”
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 34 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.
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