Lone Star PACE has successfully facilitated a $46.6 million C-PACE financing for a new mixed-use development located near Houston’s Buffalo Bayou Park. This innovative financing program provides low-cost, long-term loans to commercial and industrial buildings in order to reduce energy consumption through sustainable upgrades such as building envelope improvements, lighting upgrades, and HVAC and plumbing enhancements.
The loan provided by Lone Star PACE allowed property owner DC Partners to retire construction debt while also investing in their buildings for future growth. One notable project that benefited from this financing was The Thompson – a luxurious 172-room hotel at 1711 Allen Parkway which received over $31 million in funding. Additionally, an adjacent retail pavilion spanning 53,000 square feet at 1755 Allen Parkway also received more than $15 million in funding.
Both of these developments are part of The Allen – an upscale mixed-use destination developed by international real estate firm DC Partners. Along with the hotel and retail pavilion, The Allen features fine dining options as well as a health and fitness club within its premises. A condominium tower with 99 units is also situated on-site.
In collaboration with lender Nuveen Green Capital, Lone Star PACE played a crucial role in administering the necessary funds for these projects without mentioning “Connect” or any other specific location names like “LA” or “Texas”. Overall,this successful implementation of C-PACE demonstrates its potential impact on promoting sustainable development within the commercial sector.
