Bayview PACE Closes on $8.5 Million in C-PACE Financing for 33-Unit Condominium Project in L.A.
Proceeds of Commercial Property-Assessed Clean Energy financing for much-needed new housing in Los Angeles
Coral Gables FL and Los Angeles, CA (March 22, 2023) – Bayview PACE announced today the closing of $8.5 million in Commercial Property-Assessed Clean Energy (C-PACE) financing for the new construction of a condominium project in the Koreatown area of Los Angeles. The C-PACE is part of a capital stack which includes $10.3 million in senior construction financing from First General Bank.
The project sponsor, Chateau Group, is building a 33-unit for-sale housing community at 750 Irolo St, off of Wilshire Blvd. near the 101, 110 and 10 freeways.
The building will consist of 25 2-bed/2-bath units, and eight 3-bed/2-bath units, each offering amenities including in-unit laundry and a balcony. The property also includes an on-site gym, a rooftop deck and a 66-space garage with 34 bike stalls.
Since its inception in 2004, Chateau Operating Corp. has earned a reputation as a leader in high-end community and commercial development and construction by providing exceptional design and quality of work. Chateau Group is a vertically-integrated design, development, construction, and procurement company that will handle all aspects of the project’s development.
“We’re pleased to have closed this transaction using C-PACE to help fund much-needed housing in Los Angeles,” said Bayview Vice President Jason Clouet. 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.”
Commercial Property-Assessed Clean Energy financing (C-PACE) provides an optimal capital source for property owners to make energy-efficient and renewable building upgrades, fund new construction and provide rescue capital towards recovery from the pandemic. With program legislation currently enabled in 37 states, C-PACE is quickly growing in popularity among real estate owners and financial institutions looking to serve them.