Northbrook Renaissance recapitalizes with $6.2 million PACE loan
Retroactive loan for property improvements included in $32.8 million refinancing
Minneapolis, Minnesota (Sept. 18, 2023) – PACE Loan Group’s Senior Vice President Matthew McCormack arranged a $6.2 million PACE loan that was part of $32.8 million refinancing of the Northbrook Renaissance in Northbrook, IL.
The PACE loan was a retroactive payback for property improvements completed in 2022. Those improvements, which are approved for energy conservation and renewable energy measures, range from roofing and insulation, weatherization, HVAC, plumbing, LED lighting, and elevator improvements. common area, and public space renovations, and elevator upgrades. Those improvements are expected to save nearly $1 million in annual operating expenses.
“C-PACE continues to be a great solution to provide liquidity in today’s challenging market. By taking advantage of the lookback period, we were able to increase the borrower’s returns by blending down the cost of capital," said McCormack.
Flagged as a Renaissance brand, the Northbrook Renaissance has 391 hotel rooms in two towers, which were built in 1973 and 1986, and is adjacent to the Northwestern University campus.
The PACE funding entity is managed by the city of Northbrook under the provisions of the Illinois Finance Authority PACE Program. PACE Loan Group handled underwriting, origination, and will service the loan.
About PACE Loan Group
PACE Loan Group (PLG) is a national leader in the C-PACE marketplace, providing direct C-PACE financing to commercial property owners. The PLG team provides expertise up and down the capital stack. To learn more about PLG, visit our website at www.paceloangroup.com.