Bayview PACE Closes $2 Million in C-PACE Financing for Gut Rehab Conversion of an Industrial Building to Mixed-Use
The 64,000 square-foot adaptive re-use
project will provide flex space for small-business, retail and food
Bayview PACE today announced providing $2 million in C-PACE financing for key upgrades involved in conversion of a 64,000 square-foot warehouse-industrial facility into a mixed-use concept for arts, retail and food operators serving the growing Oak Cliff submarket. The Clarendon, at 900 E. Clarendon, is strategically situated near downtown Dallas with close adjacency to Bishop Arts, The Cedars, the renowned Dallas Zoo and the burgeoning Southern Gateway project. It also shares vicinity with the recently revitalized Oak Cliff Assembly, a focal point for collaborative endeavors within the creative community.
Bayview PACE’s C-PACE funding will support improvements for energy and environmental aspects of the project. The Clarendon is a project of locally-based Proxy Properties which owns 60 developments in the Dallas area. The general contractor is Elyse Design & Build which has worked with Proxy Properties on all its developments to date.
“It is great to see C-PACE financing on a project that has such significance to a historically underserved community. This project is truly in the vanguard of redeveloping the southern Dallas community into a vibrant center for arts and culture, and we are thrilled that C-PACE has a place in the capital stack to help make it happen.” Says Julianna Brooks, CEO of Civitas PACE Finance Solutions, a Dallas-based C-PACE consultant.
According to Coral Gables, FL-based Bayview PACE, its Commercial Property-Assessed Clean Energy financing (C-PACE) offers favorable and cost-effective terms for qualified improvements in energy, lighting, water systems, building envelope and other resiliency components, and it can be applied to new construction as well as renovations.
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.
Proxy Properties is a vertically integrated real estate firm in the Oak Cliff sub market of Dallas with a focus on redevelopment and adaptive reuse projects that contribute to the community. With a portfolio of 61 properties totaling over 200,000 square feet of space, PROXY focuses on historic renovations that require strategic and creative “outside the box” planning, merchandising and programming. Building on its more than 10 years of boots on the ground experience, PROXY has an in depth understanding of every block of Oak Cliff, tailoring developments with the best and highest uses in order to meet the demands of the neighborhood at sustainable rental structures for all parties. More info is at www.proxypropertymgmt.com.