Lone Star PACE, a leading administrator of Texas C-PACE programs, in conjunction with Nuveen Green Capital, a leader in sustainable commercial real estate financing solutions, administered $9 million in C-PACE financing for the recapitalization of Cityscape Star Apartments, a 120,000-square-foot luxury multifamily community in the vibrant Cedars neighborhood of Dallas.
The 116-unit facility at 1812 Hickory Street is a newly constructed apartment building. C-PACE financing proceeds helped refinance previously installed sustainable building components, including high-efficiency windows and walls, elevators, HVAC, low-flow plumbing, domestic hot water and LED lighting.
Lee McCormick, President of Lone Star PACE, said: “Cityscape Star is a prime example of how C-PACE can enhance the capital stack for newly completed projects while advancing long-term conservation goals. We’re proud to support forward-thinking developers who are investing in more sustainable housing in the heart of Dallas.”
C-PACE allows property owners to access low-cost, long-term financing for energy and water conservation systems at commercial buildings. Property owners can leverage C-PACE financing before, during or after construction.
Sean Ribble, Senior Director of Originations at Nuveen Green Capital, said: “It was a pleasure to partner with Slatt Capital and Citizens 1st Bank to provide C-PACE financing to recapitalize the recently completed Cityscape Star Apartments in the developing Cedars area of Dallas. The use of C-PACE for this project enabled the Sponsor to realize significant savings. This transaction also underscores our financing platform’s flexibility as a mechanism to fund projects post-construction.”
In addition to its state-of-the-art units, Cityscape Star offers a range of high-end amenities, including panoramic skyline views, a rooftop lounge, pet services and a fitness center. C-PACE-funded improvements are expected to reduce the property’s annual electricity and water use by roughly 47% and 22%, respectively, which could result in utility savings of more than $4.3 million over the 30-year term.
To learn more about how C-PACE can support your development or redevelopment project, contact Lone Star PACE today.