Senior Care Facility Finances Energy Efficiency Upgrades with $8.3 million C-PACE Loan from PLG

Minneapolis, MN (July 6, 2026) – PACE Loan Group closed $8.3 million in C-PACE financing for Azura Verona, an 80-unit facility specializing in assisted living and memory care in Verona, WI. The loan was used in conjunction with a senior bank loan to refinance the existing construction loan and cash out equity investors.

“Given the tailwinds in the senior housing space, many developers are sitting on unrealized equity creation," said Matthew McCormack, SVP of Originations - PLG. "C-PACE is a great tool to retroactively finance eligible improvements, freeing up capital for developers to distribute to investors and/or to put into their next development."

The Sponsor, Azura Living, owns and operates Azura Verona; as well as four other senior living communities in Wisconsin. The company was founded in 2008 and constructed its Verona facility in 2024 and succesfully leased the building up to 100 percent. It sits on 7.4 acres of land located near both Madison, WI and Milwaukee, WI, and provides care for seniors that require assistance performing a range of daily activities.

Azura Living utilizes a holistic framework for its residents no matter where they fall on the continuum of care. For residents in need of memory care, they integrate evidence-based dementia care practices centered around personalized engagement strategies.

The eligible C-PACE expenses included building envelope improvements; ENERGY STAR windows; high efficiency HVAC, DHW, and water fixtures; LED lighting; and high rise building mechanical systems. All eligible upgrades have already been completed.

Media Contact:

Martha Nevanen

Martha@paceloangroup.com

651-492-5861