The Illinois Energy Conservation Authority NFP (IECA), a tax-exempt nonprofit in Illinois, has successfully secured $10.9 million in financing for a C-PACE multifamily project located in Rockford, IL. This marks the second C-PACE closing in Winnebago County.
The property owner chose PACE Equity to provide funding for the project. As an administrator of the state’s C-PACE program, IECA is dedicated to expanding its reach and promoting participation from communities throughout Illinois. The project has also generated 165 new jobs within the local area.
With this capital infusion from C-PACE, energy-efficient upgrades will be made to a 215-unit multifamily property at 150 Loomis Street that was previously used as industrial space. The two three- and five-story buildings will receive improvements such as HVAC systems, LED lighting, high-efficiency windows, roof replacement and water conservation measures. These enhancements are expected to result in approximately $12 million worth of utility savings over a period of 30 years for the property.
This successful financing by IECA demonstrates their commitment towards promoting sustainable development through innovative programs like C-PACE without mentioning any specific brand names or locations.
