GreenRock Capital, LLC, has completed first Commercial Property Assessed Clean Energy (C-PACE) transaction in TN history. The recipient of the financing, developers of the White House Senior Living facility in the Nashville area, will use the funding to address the region’s continued shortage of senior housing.
The inclusion of C-PACE in the developer’s financing stack reduces the overall costs for qualifying measures related to energy efficiency, water conservation, renewable energy and resiliency. C-PACE financing allows property owners and developers to access capital for new construction, repositioning and capital improvements, with the capital being repaid via the property tax bill.
The recipient’s $3.5 million in C-PACE capital will cover the cost of energy-efficient project enhancements including high efficiency windows, LED lighting and HVAC systems. By lowering the cost of development through C-PACE financing, it is the developer’s and city’s goal to increase the volume of affordable senior living in Nashville.
Read more about GreenRock Closing Tennessee’s First C-PACE Loan for Affordable Senior Project here:
GreenRock Capital Closes Tennessee’s First C-PACE Loan for Affordable Senior Project