Bayview PACE has contributed $20.5 million in financing through the Commercial Property-Assessed Clean Energy (C-PACE) program for the construction of a new headquarters and flex/industrial facility for Master’s Transportation in Kansas City, MO. This development, which is estimated to cost $72 million and span 324,000 square feet, is currently under construction and expected to open in 2025. The C-PACE financing played a crucial role alongside other funding sources such as a $31-million construction loan and $20 million from sponsors.
According to Anne Hill, Senior Vice President of Bayview PACE, securing willing participants can be difficult in today’s banking industry. However, with this project they were able to use PACE financing instead of involving another bank as a participant. Hill explains that PACE offers an attractive alternative due its competitive pricing compared to banks’, non-recourse nature without intercreditors or voting rights involved,and ability help banks increase their deposits.
The new facility will be located at the intersection of 150 Highway and Prospect Rd., approximately 20 miles south of downtown Kansas City.It will consolidate eight other locations within the area into one centralized location,making operations more efficient while also allowing room for future growth.Master’s Transportation was founded in 1992and is oneofthe largest busand transportation fleet operatorsinthe United States,serving26 states.
