(Credit: Pixabay)Counterpointe Sustainable Real Estate (CounterpointeSRE) announced today the closing of four Commercial Property Assessed Clean Energy (C-PACE) transactions for a total of $15 million in financing through the California Statewide Communities Development Authority's (CSCDA) Open PACE program. The largest of the financings at $14.5 million will support energy efficiency, seismic strengthening, and water conservation measures at a new multifamily property, which is being developed by LiveWorkCreate.
Located in the Koreatown neighborhood of Los Angeles, the seven-story multifamily development will feature 126 units, ground floor retail, and a parking garage. Upgraded sustainability features are projected to reduce electricity consumption by 211.93 MWhs and reduce water consumption by 3,771,949 gallons with a greenhouse gas emission reduction estimated at 90.64 MTCO2e per year. The sustainable multifamily property is targeted for completion in 2022.
The $14.5 million in C-PACE funding is being used to directly support energy-efficient infrastructure investments throughout the building, including building envelope, interior lighting (LEDs), HVAC, low flow fixtures and high-efficiency DHW.
Alini additionally affirmed that CounterpointeSRE would continue to fund energy-saving projects during the current period of economic disruption. In fact, the firm funded three additional PACE projects on the same day to provide financing for City of Los Angeles mandated retrofits.
