The Stella

Property Description

The Stella is an office-to-multifamily housing conversion in downtown St. Paul, previously known as the Ecolab office building. The building will include 2,339 square feet of retail space, a coffee lounge, mail room, yoga studio, fintess area, a lounge area, coworking rooms, and an outdoor deck with seeping views of St. Paul, the Mississippi River, and the surrounding area.

C-PACE Improvements

The $15.8M C-PACE loan will be used to finance qualifying energy improvements, which are expected to save $1,193,271 annually throughout the 13.6-year payback period. C-PACE came into this project as it exceeded the bank financing for this complicated transaction.

Office conversions are great projects for C-PACE because the improvements needed for the conversion result in significant changes to the heating, electrical, and plumbing infrastructures.