Cityscape Star is a newly built, upscale apartment complex located in Dallas’s vibrant Cedars district, just south of downtown — a neighborhood known for its artistic energy, transit access and rapid redevelopment.
The $9 million C-PACE assessment allowed the owner to recapitalize state‑of‑the‑art efficiency systems installed during construction. The deal showcases one of C‑PACE’s most powerful attributes: its ability to be applied before, during, or even after construction.
For Cityscape Star, the post‑construction application of C‑PACE allowed the owner to monetize prior investments in efficiency while bringing down the asset’s overall weighted cost of capital by incorporating a longer-term, lower-cost form of funding.
Impact
By obtaining C-PACE financing, the property owner was able to recapitalize previously installed sustainability measures, including improvements to the building’s envelope, HVAC, low-flow plumbing, domestic hot water, LED lighting and elevators. This enabled Dallas County to further its sustainability and economic development goals while reducing demand on the Texas electrical grid. The improvements are expected to cut the property’s annual electricity use by 47% and its annual water use by 22%.
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