The Illinois Energy Conservation Authority NFP (“IECA”), an Illinois tax-exempt 501(c)(3) nonprofit organization, announced it closed $10,600,000 in financing for a Will County Commercial Property Assessed Clean Energy (“C-PACE”) project in Tinley Park.
C-PACE capital will help fund energy efficient improvements for a 144-unit, Class A apartment development to be named The Magnuson, which will consist of four, four-story buildings and a clubhouse building on a 7.64-acre site.
The funding, which closed in November, will provide 100 percent financing for HVAC, LED/high-efficiency lighting, insulation, window, roof and water conservation improvements. The C-PACE project is expected to provide the property with approximately $311,000 in savings during the 30-year financing term, while also saving more than 2.3 million gallons of water and 204,094 kWh per year. The C-PACE project also created 159 local jobs.
“Will County’s C-PACE program is empowering efficient and modern development in our communities,” said Will County Executive Jennifer Bertino-Tarrant. “Through our partnership with IECA, we contine to identify opportunities to support responsible, forward-thinking building improvements that will reduce residents’ energy costs.”
The borrower selected PACE Loan Group (“PLG”) to finance this project. PLG is a national leader in the C-PACE marketplace, providing direct C-PACE financing to commercial property owners.
“We are pleased to add C-PACE within the borrower’s capital stack at Tinley Park,” PLG CEO Rafi Golberstein said. “This loan reduced our client’s cost of capital, and energy efficient measures will save operating costs at this multifamily building.”
IECA is the leading C-PACE program administrator in the state and continues to expand adoption of the IECA PACE program to participating communities throughout Illinois.