Lone Star PACE, the leading administrator of Commercial Property Assessed Clean Energy (C-PACE) financing in Texas, has facilitated a $23.5 million C-PACE transaction for Jefferson Ownsby, a new multifamily development coming to 317 E. Ownsby Parkway in Celina. The project is being developed by JPI, one of the nation’s largest multifamily developers, with C-PACE funding provided by PACE Equity.
C-PACE financing will fund a suite of energy- and water-saving improvements, including high-efficiency windows, enhanced wall and roof insulation, LED interior and exterior lighting systems with advanced controls, high-efficiency plumbing fixtures, and upgraded HVAC systems.
Over the 30-year assessment term, these improvements are expected to reduce utility and operating costs by more than 15%, generating more than $54 million in cumulative savings for the property.
Lee McCormick, President of Lone Star PACE, said: “C-PACE continues to prove its value across the full development cycle, from early-stage construction to long-term reinvestment. For fast-growing communities like Celina, it’s a tool that helps ensure new projects are built with efficiency and sustainability in mind. We’re grateful to partner with PACE Equity on this transaction and to support JPI in delivering a high-quality asset that will serve residents and the broader community for decades to come.
At full build-out, the 559,000-square-foot community will include 436 units across four residential buildings. The project is designed to meet the growing demand for high-quality, energy-efficient housing in one of the fastest-growing cities in North Texas.
Aaron Douthit, Vice President of JPI, said: “The PACE Equity and Lone Star PACE structure was a perfect fit for the high standard of sustainability incorporated into the design of our 436-unit Celina project. We look forward to what should be an exciting and rewarding partnership as we continue to develop sustainable, energy-efficient living spaces for the stakeholders we serve.”
C-PACE is a state-enabled financing mechanism that helps commercial property owners fund qualified energy and water efficiency measures and renewable energy systems.
For new construction projects in Texas, C-PACE can fund up to 35% of the total capital stack, offering long-term, fixed-rate, non-recourse financing that reduces the weighted average cost of capital. Because the financing is repaid through a property assessment, it remains with the asset upon sale.
With this transaction, Lone Star PACE continues to expand its impact across Texas by enabling developers and property owners to pursue smarter and more sustainable building strategies, all while strengthening local economies and reducing resource consumption.
For more information about C-PACE financing in Texas, visit www.lonestarpace.com.