Bayview PACE has contributed $20.5 million in C-PACE financing towards the construction of a 324,000-square-foot headquarters and flex/industrial facility for Master’s Transportation in Kansas City, MO. This development project has a total cost of $72 million and is expected to be completed by 2025. Along with the C-PACE financing, other sources of funding include a $31-million construction loan and $20 million from sponsor equity.
According to Anne Hill, Senior Vice President at Bayview PACE, securing willing participants for financial support can be difficult in today’s banking industry. However, their use of PACE financing eliminated the need for another bank participant due to its attractive features such as comparable pricing to traditional banks but without recourse or intercreditor agreements.
The new facility will be located at the intersection of 150 Highway and Prospect Road about 20 miles south of downtown Kansas City. It will consolidate eight other locations in the area into one centralized location which will increase efficiency and provide room for future growth opportunities. With operations spanning across 26 states since its founding in 1992, Master’s Transportation is one of the largest bus and transportation fleet operators nationwide.
