Bayview PACE has recently provided $15.5 million in financing for Whitmore Villa, a new multifamily development in Monterey Park. Developed by Chateau Group on behalf of GreenState Holdings, Inc., this $52-million project will consist of 63 two-story units spread across two construction phases.
Located at 126 New Ave., the first phase of Whitmore Villa will feature 23 units that may be sold as condominiums. Bayview PACE’s involvement in this project showcases the versatility and advantages of Commercial Property-Assessed Clean Energy (C-PACE) financing, especially during these challenging credit market conditions.
According to Jason Clouet from Bayview PACE, C-PACE is an ideal solution for qualified improvements such as lighting systems, water systems, building envelopes and other components that are essential for successful projects like Whitmore Villa. He also emphasized how C-PACE can benefit various types of commercial real estate developments including student housing complexes and industrial facilities.
With its comprehensive end-to-end financing capabilities and competitive terms offered to eligible projects across different sectors such as senior living communities or mixed-use properties – C-Pace proves to be a valuable tool for developers looking to move forward with their plans despite current economic challenges.
