Bayview Asset Management’s affiliate, Bayview PACE, has recently provided a $2 million Commercial Property Assessed Clean Energy (C-PACE) loan to fund the renovation of a medical office building in Columbia, MD. The 252,000-square-foot complex consists of six buildings and two stories. HVAC equipment will be replaced and upgraded with the C-PACE loan funds.
The mortgage holder for the building is Oceanview Life and Annuity Co., another affiliate of Bayview Asset Management which consented to using C-PACE for improvements at Old Dobbin Lane Business Park where it is located. Currently 90% leased by tenants such as Centennial Medical Group, Columbia Medical Practice and Cadence Design Systems; this business park stands to benefit from these upgrades significantly.
