George Smith Partners has successfully secured $6.7 million in C-PACE financing and an additional $14.4 million in fixed-rate construction debt for a luxury garage condominium project located in Frisco, Texas. The 53-unit development, spanning over 5 acres in a Dallas suburb, is being funded by Garages of America.
C-PACE financing allows building owners to borrow money for energy efficiency or renewable energy projects and make repayments through their property tax bill. This structure remains with the property even if it is sold.
Garages of America offers various storage options including climate control, power access, security measures, and 24/7 availability to cater to diverse storage needs.
The groundbreaking for this garage condominium project is scheduled for Q1 of 2024 and three others are planned in Tarpley, Rockwall,and Garland areas.
This article was originally published on Connect CRE website as “Frisco Set To Welcome New Garage Condo Development”.
