Bayview PACE’s $15.4 Million in C-PACE Financing Fuels Extensive Rehab for Ocala Distribution Center
Major upgrade program for well-located industrial/warehouse facility to meet demand in Central Florida market
Coral Gables, FL and Ocala, FL (January, 2024) – Bayview PACE today announced providing $15.4 million in C-PACE financing for key upgrades to the 732,742 square-foot Ocala Distribution Center, a project of North Empire LLC located at 6045 SE 83rd St., Ocala FL. The C-PACE funding will be utilized for major renovation components including roof replacement, door and exterior improvements, dock repairs, electrical work, and LED lighting.
Ocala’s strong industrial market is driven by close proximity to I-75 and spillover demand from Orlando, Tampa, and other large Florida cities. Reports show average rents in the market are up 9.3% over the last 12 months, outpacing the national average of 6.8%.
“This closing provides an excellent illustration of the benefits of C-PACE financing and details a great use case for renovating properties of all types,” said Bayview Vice President Jeff Klar. “C-PACE offers unusual flexibility and beneficial terms for qualified improvements in energy, lighting, water systems, building envelope and other resiliency components. Packaged with construction or bridge financing, it’s an ideal solution. Our end-to-end financing capabilities leverage the expertise of our team and strength of our network to deliver a market-leading solution for commercial real estate projects of all kinds, from student, senior and multi-family housing to industrial, hospitality, retail, office, mixed-use and more.”
According to Coral Gables, FL-based Bayview PACE, its Commercial Property-Assessed Clean Energy financing (C-PACE) offers favorable and cost-effective terms and can be applied to new construction as well as renovations. C-PACE funding is versatile and applicable across all commercial property types, for both new and recently completed properties depending on the local state C-PACE program, according to Bayview.
About Bayview PACE
Bayview PACE offers creative financing solutions that combine construction, bridge and CPACE lending. Unlike most PACE-only providers, Bayview PACE works with commercial property owners and developers to provide a full capital stack solution. Bayview PACE is a division of Silver Hill Funding, LLC. NMLS# 1564077 www.nmlsconsumeraccess.org Please visit www.bayviewpace.com.
About North Empire LLC
New City, NY-based North Empire LLC, led by owner/sponsor Mark Martin, has a commercial real estate portfolio of 22 properties primarily located in the Northeast and Upper Midwest. Assets include multifamily, land, office, industrial, and mixed use. The portfolio consists of over 2,600 residential units and over 4 million square feet of commercial space, including a 200,000 square-foot industrial facility in Detroit, MI and a 615,000 square-foot industrial facility in Napoleon, OH. For more information visit www.northempirellc.com.