C-PACE and Adaptive Reuse Go Hand-in-Hand in the City of Baltimore

C-PACE and Adaptive Reuse Go Hand-in-Hand in the City of Baltimore

Project News

The City of Baltimore is a growing market for C-PACE financing. In the past six months, interest in the program has accelerated and the known C-PACE pipeline in the city has more than tripled. This is an encouraging trend that is expected to carry into 2019 and beyond as property owners in the city increasingly realize that C-PACE is a good fit for their financing needs. This surge in interest is aided by the strong support for the C-PACE program by local city officials.

Baltimore is particularly well-suited to benefit from C-PACE financing for adaptive reuse. Using C-PACE for adaptive reuse not only improves the energy efficiency of the property but doubles its benefits by encouraging the adaptation of existing properties in lieu of new construction. The sustainability of this choice is well-aligned with the C-PACE mission to make buildings more sustainable in their energy consumption. Adaptive reuse in Baltimore saves iconic, historic buildings from decay and neglect.

One such example is the conversion of four run-down, abandoned properties in the city. The owner renovated these buildings in 2016 into mixed-use spaces for retail and multi-family residence. Thanks to the City of Baltimore’s amendment to C-PACE Council Bill 18-195 this year, the owner was able to apply for retroactive C-PACE financing to cover part of the cost of these projects. C-PACE was able to finance high efficiency windows, LED lighting, HVAC improvements, and more. This project was financed by Greenworks Lending, who also financed the first C-PACE deal in the City of Baltimore. Andrew Zech, Head of Business Development for Greenworks Lending, says, “With a physical presence in Maryland, Greenworks Lending is proud to support the redevelopment of the state’s largest city. Some of our most exciting projects are the adaptive reuse of historic buildings. The City of Baltimore has a trove of such projects and we look forward to continuing to advance economic development and energy efficiency in the region.”

Simon Property Group Implements Largest PACE Deal in MD-PACE

Simon Property Group Implements Largest PACE Deal in MD-PACE

Hanover, MD (September 26, 2018) — Anne Arundel County may already claim the seat of the Maryland state government in Annapolis, but it can now lay claim to the site of the largest C-PACE deal in the state, as well. The well-known Arundel Mills Mall used C-PACE financing to implement comprehensive energy efficiency improvements throughout the building. With the closure of this deal, Maryland has surpassed $12 million in C-PACE financing.

Arundel Mills Mall by Simon Property Group
The Arundel Mills Mall is the recipient of the largest PACE deal in Maryland as of September 2018.

The project was funded by Petros PACE Finance, LLC. Petros has been involved in the PACE market since 2010. Based in Texas, this is their first deal to close in Maryland. CEO of Petros PACE Mansoor Ghori says, “We are pleased to have closed our first transaction in Maryland, which was also the first PACE transaction to close in Anne Arundel County. We look forward to working with potential partners in the state.”

To learn more about Petros PACE Finance, visit https://www.petros-pace.com/.

To learn more about the MD-PACE program, visit https://www.md-pace.com/.