Lone Star PACE, a leading administrator of Texas’ C-PACE programs, administered $2.4 million in C-PACE financing for a medical office building north of Dallas.
The 57,000-square-foot Independence Medical Center, located at 5501 Independence Parkway in Plano, will undergo a series of renovations funded by C-PACE. Planned upgrades include a full HVAC replacement, modernized common areas, and the installation of 56 covered parking spaces topped with solar-paneled rooftops.
Lee McCormick, President of Lone Star PACE, said: “Collin County is one of the fastest-growing markets in Texas, and projects like Independence Medical Center demonstrate how C-PACE can provide property owners with a smart, cost-effective way to modernize their buildings while conserving resources. This financing not only strengthens the property’s long-term performance but also aligns with the region’s broader economic development and sustainability goals.”
C-PACE funded improvements are expected to result in roughly $664,000 in projected utility savings over the assessment’s 30-year financing term. PACE Equity served as the transaction’s capital provider.
Beau Engman, President and Founder of PACE Equity, said: “We are pleased to partner again with Lone Star PACE. The benefits of C-PACE financing go beyond providing long-term, fixed-rate strategic capital — it is a funding solution that enables developments like Independence Medical Center to complete sustainable building improvements.”
C-PACE provides long-term, fixed-rate financing for energy efficiency, water conservation, renewable energy, and resiliency upgrades. Repayment is secured through a voluntary tax assessment on the property and funds can be applied before, during, or after construction.
Collin County, home to Plano, is among many Texas jurisdictions that have established a C-PACE program, giving developers access to innovative financing tools that support sustainable growth and community investment.
To learn more about how C-PACE financing can support your development or redevelopment project, visit www.lonestarpace.com and www.pace-equity.com.