Greenfield Milling receives $15 million C-PACE loan to refinance construction of state-of-the-art Richmond, Utah flour mill

Minneapolis, Minnesota (Aug. 18, 2025) – PACE Loan Group closed a $15 million C-PACE loan for Greenfield Milling’s Richmond, Utah state-of-the-art flour mill, which was built during the last three years. The C-PACE loan, the first to close in Cache Country, Utah, is part of a broader recapitalization following the construction of the plant.  

“While this is a non-traditional CRE loan, it’s a great use case for C-PACE. The long-term maturity allows them to reduce their overall cost of capital so that the operation can ramp up effectively,” said Loren Biller, senior vice president – Originations, PACE Loan Group. “This is also unique because it is for a user-occupied manufacturing business, without the pressure of returns on the real estate investment. I think this is the beginning of many more options for all types of businesses that own real estate.”

This loan is the first C-PACE loan to close in Cache County, Utah, which is approximately 100 miles north of Salt Lake City. The C-PACE loan covers the roof, walls, foundation, windows, heating and cooling systems, ventilation, hot water, and lighting systems and controls. 

Peakstone Group, a middle-market investment banking firm, advised Greenfield Milling on the capital restructuring, including bringing PACE Loan Group into the transaction. 

“This was a complex transaction, and we were pleased that C-PACE was able to uniquely close the financing gap,” said Peter Melloni, Managing Director. 

The new mill, 11595 US Highway 91, Richmond, began operation in February 2025, and is designed to deliver a dedicated pneumatic flour supply to Campbell’s Pepperidge Farm Goldfish Cracker and Milano Cookie plant through a long-term Supply Agreement, achieving significant sustainability initiatives, including the C-PACE that offered financing for energy efficiency measures. 

Greenfield Milling was founded in 2022 by milling industry veterans John Mason and Bryan Ledgerwood. 

Media Contact:

Martha Nevanen

Martha@paceloangroup.com

651-492-5861