GREENWICH, Conn.--(BUSINESS WIRE)--CounterpointeSRE, a subsidiary of Counterpointe Sustainable Advisors (together “Counterpointe“) today announced that it has successfully closed $255.9 million in PACE financing for the adaptive reuse of the historic Aronson Building into the Four Seasons Private Residences in San Francisco. The transaction, representing the first financing completed since Counterpointe’s recapitalization with MassMutual in May, is the largest PACE financing ever completed and marks a new phase in the evolution of green financing for institutional quality commercial real estate.
This office to multifamily condominium conversion included significant energy efficiency upgrades and resiliency measures such as a rooftop stormwater recycling system. The conversion of the Chicago School style office building into residential use is LEED Silver certified and has won numerous awards including Engineering News-Record (ENR) California Award of Merit for the project’s historic rehabilitation work and Multi-Housing News Excellence Bronze Award for adaptive reuse.
“This project exemplifies the use of commercial PACE for green renovations,” said Christopher Hoeffel, President and Chief Operating Officer of Counterpointe. “Our company is focused on the convergence of climate change and real estate. The Four Seasons Private Residences project represents an excellent example of how green financing can be used to enhance the urban landscape.”
About Counterpointe
Since 2013, CounterpointeSRE has had a major impact in reducing the commercial building sector’s carbon footprint and in providing resiliency to the nation’s infrastructure. Counterpointe Sustainable Advisors invests at the intersection of commercial real estate and energy industries through diversified ESG infrastructure investments including mortgages, commercial PACE and other energy financial tools.
