PACE Loan Group leads Michigan with 21 C-PACE loans

$2.6 million C-PACE loan for Howell Health Hub, an 86,300 sq. ft., two-story modern medical office building in Howell, Michigan. The C-PACE proceeds supplemented the project’s total capital stack of $10.26 million, which includes $4.16 million in equity and a $3.5 million line of credit for tenant improvements. The 1956 office building started a complete renovation to convert it into a modern medical office building in May 2022, with improvements including a new lobby entrance atrium, new windows, an upgraded cooling system, and a modern secondary lobby.

$3.3 million in C-PACE financing for Samaritan Center, a 444,475 sq. ft., three-building business complex in Detroit, Michigan. The loan covers 74% of the project’s $3.54 million renovation, which will update the main building, and reduce annual repair expenses and utility costs. Redeveloped from a former hospital facility, Samaritan Center was founded to help spur redevelopment in on the East Side of Detroit and will lease 65% of the space to non-profit organizations.

$1.5 million C-PACE Loan on a 475-unit self-storage project under construction in Romulus, Michigan. The 25-year C-PACE loan, which closed out the $9 million capital stack, will be used for the building envelope, ENERGY STAR windows, high-efficiency HVAC, plumbing, and LED lighting. The self-storage property will consist of seven, one-story buildings with a unit mix of 298 climate-controlled units and 177 drive-up units.