PRESS ROOMNEWS RELEASE
Inland Green Capital Originates $21 Million in C-PACE Financing for a 220-Unit Multifamily Property
Nancy GofisInland Communications
Oak Brook, Ill. – Inland Green Capital LLC (“Inland Green Capital”), an environmental finance and investment company, announced the origination of $21,125,000 in commercial Property Assessed Clean Energy (“C-PACE”) financing for environmental improvements in the construction of a 220-unit multifamily property located at 232 North Prairie Road in New Lenox, Illinois.
The C-PACE capital will help fund HVAC, LED/high-efficiency lighting, roof, building envelope, air sealing, windows, water conservation and hot water system improvements. The improvements are expected to reduce the property’s annual electricity and water consumption by 834,000 kilowatt-hours and 378,000 gallons, respectively, when compared with a standard baseline building performance model. Annual CO2-equivalent greenhouse gas emissions from electricity generation and natural gas consumption will be reduced by almost 650 tons.
“This marks Inland Green Capital’s second transaction in Will County,” commented Jason Stringer, vice president of business development of Inland Green Capital. “We are thrilled to be part of one of the most successful C-PACE programs in the country, providing commercial property owners the ability to both stimulate clean energy benefits and create value in their real estate investments.”
A pioneer in the industry with a decade of expertise, Inland Green Capital specializes in C-PACE financings for PACE project initiatives throughout the country, including retroactive and small loan balance projects. PACE is an innovative financing tool that provides long-term, fixed-rate funding to private building owners for energy efficiency, renewable energy, water conservation, electric vehicle charging and resiliency projects to be installed in both existing and new commercial properties. To date, C-PACE programs provided financing for over 2,500 commercial projects, totaling $2 billion in funds, and has created nearly 22,400 jobs nationwide*.
About Inland Green Capital LLC
Inland Green Capital LLC is an environmental finance and investment company that provides capital for energy efficiency solutions for property owners using PACE and other funding tools throughout the country. Established in 2012, Inland Green Capital is a member of The Inland Real Estate Group of Companies, Inc., one of the nation’s largest commercial real estate and financial groups. For more information about Inland Green Capital, please refer to the company website at: www.inlandgreencapital.com.
*Source: PACE Nation