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. This marks the second C-PACE closing within Winnebago County.
The property owner selected PACE Equity to provide funding for the project, with IECA serving as the program administrator and actively promoting PACE programs throughout various communities in Illinois. The development of this project has also resulted in 165 new jobs being created locally.
Through C-PACE capital, energy-efficient upgrades will be made to a 215-unit multifamily property at 150 Loomis Street that was previously used as an industrial space. These improvements include HVAC systems, LED lighting, high-efficiency windows, roofing updates and water conservation measures. It is estimated that these enhancements will result in approximately $12 million worth of utility savings over the course of its 30-year financing term.
This successful transaction demonstrates IECA’s commitment towards promoting sustainable development through innovative financing solutions for commercial properties across Illinois.
