Creative LA office receives $22.4 million in C-PACE to refinance completed construction costs

Minneapolis, Minnesota (March 25, 2024) – Los Angeles-based Center Capital Partners and Abramson Investors received a $22.4 million C-PACE loan from PACE Loan Group to refinance improvements completed on their newly constructed 72,000 sq. ft. Class-A creative office opportunity zone development on 5237 W. Jefferson Blvd in LA. The $22.4 million C-PACE will amortize over 30 years, allowing payback for original investments during construction.

The C-PACE loan will be used to retroactively finance energy conservation improvements completed during the building’s construction, including building envelope, seismic retrofits, elevators, lighting, plumbing, HVAC, irrigation, and stormwater mitigation. The energy conservation measures have an expected useful life of 43.5 years.

“PACE’s longer amortization periods of 20 to 30 years improve a project’s DSCR. The reduced utility and operating expenses from the financed energy improvements often outweigh the increased property tax, which can make PACE cash flow positive,” said Rafi Golberstein, CEO and founder, PACE Loan Group.

Construction of the three-story LA office building was completed amidst a trend of return-to-work policies in California. 5237 W. Jefferson offers various amenities for tenants, including 9,070 square feet of private terraces, a landscaped rooftop deck with seating and a BBQ, 176 subterranean parking spaces, and open-floor plans with wraparound windows that offer natural lighting throughout the building. The building is strategically positioned within walking distance of both Metro’s Jefferson / La Cienega Station and Metro’s Expo / La Brea Station, making it an ideal location for travel from Los Angeles, Santa Monica, and Culver City.

Media Contact:

Martha Nevanen

Martha@paceloangroup.com

651-492-5861