HOUSTON--(BUSINESS WIRE)--Lone Star PACE, a leading administrator of Texas’ Property Assessed Clean Energy program, today announced it facilitated $46.6M in C-PACE financing for a new mixed-use development near Houston’s Buffalo Bayou Park.
A more than $31M loan was administered for The Thompson, a 172-room luxury hotel at 1711 Allen Parkway. Another loan of more than $15M was issued for an adjacent 53,000-square-foot retail pavilion at 1755 Allen Parkway.
Lone Star PACE partnered with lender Nuveen Green Capital to administer the financing. Improvements covered by the loans include building envelope, lighting, HVAC and plumbing upgrades.
Lee McCormick, president of Lone Star PACE, said: "We are thrilled to have participated in this exciting project by helping to lower the cost of development through C-PACE. Sustainable building upgrades at The Thompson and the adjacent retail pavilion will ensure the property remains a vital community resource and gathering place for generations to come.”
C-PACE helps reduce energy consumption at commercial and industrial buildings by providing low-cost, long-term financing for sustainable upgrades. Property owners can use C-PACE to finance building renovations and new construction.
The Thompson Hotel anchors The Allen, a luxury mixed-use destination spearheaded by international real estate development and investment firm DC Partners. The adjacent mixed-use pavilion includes retail, fine dining, and a health and fitness club. A 99-unit condo tower is also on-site.
Roberto Contreras, CEO and chairman of the board at DC Partners, said: “Today’s capital environment requires innovative solutions. The implementation of C-PACE allowed us to not only retire construction debt, but also to make a lasting investment in both our building and the environment.”
About Lone Star PACE
Lone Star PACE serves as a program administrator for city and county Commercial Property Assessed Clean Energy (C-PACE) programs in Texas. We help local governments, economic development corporations, chambers of commerce and trade associations promote economic development and conservation by facilitating C-PACE projects with property owners, PACE lenders, contractors and other stakeholders. Our goal is to promote energy and water conservation and increased property values while positively impacting cash flow and utility savings for property owners. For more information, visit LoneStarPACE.com.
