Lone Star PACE Facilitates $3.5M in C-PACE Financing for Renovation of Suburban Office Building in Dallas County
DALLAS, Sept. 24, 2024 (GLOBE NEWSWIRE) — Lone Star PACE, a leading administrator of Texas’ Commercial Property Assessed Clean Energy Program, today announced it helped arrange $3.5M in C-PACE financing for sustainable building renovations at Meadow Park Tower in Dallas County.
The 263,000-square-foot, 15-story, multitenant office building is located at 10440 N. Central Expressway in Dallas. The building was constructed in 1986 and renovated in 2016. A subsequent renovation began in 2022 and includes the installation of sustainable building components, including energy-efficient windows and walls, LED lighting, improved HVAC systems and low-flow plumbing.
Lee McCormick, president of Lone Star PACE, said: “It was an honor to partner with Bradford MPT Partners and Bayview PACE on this project, which breathes new life into a landmark office tower at the heart of North Dallas. C-PACE financing is a great tool to incentivize the modernization of aging building stock, which is especially valuable in today’s evolving office market.”
C-PACE allows property owners to access low-cost, long-term financing for energy and water conservation systems at commercial buildings. Property owners can use C-PACE to finance new construction, building retrofits or recapitalizations.
Bayview PACE served as the capital provider for the project, which is estimated to reduce Bradford’s annual electricity consumption by 25%, its water consumption by 28% and its natural gas consumption by 42%.
Jason Clouet, vice president at Bayview PACE, said: “We are excited to help finance the Meadow Park Tower improvements with our flexible, non-recourse, fixed-rate C-PACE. As broader adoption of commercial PACE financing continues, owners and developers are benefiting from its wide applicability at any time during the property life cycle, from new construction to retroactive financing.”
Bradford MPT Partners has spent the last few years upgrading the building’s interior and adding a slew of top-tier amenities, including a new outdoor patio, tenant lounge, conference center, fitness center and putting green. These investments have resulted in a stabilized occupancy of 90%.
Kevin Santaularia, president and CEO of Bradford Cos., said: “Sustainability was at the heart of our plan to enhance Meadow Park Tower when we acquired the property in 2021. C-PACE financing enhanced our capital stack while also allowing us to realize our vision of ensuring this building serves the community for years to come.”
About Lone Star PACE
Lone Star PACE serves as a program administrator for city and county Commercial Property Assessed Clean Energy (C-PACE) programs in Texas. We help local governments, economic development corporations, chambers of commerce and trade associations promote business growth and conservation by facilitating C-PACE projects with property owners, PACE lenders, contractors and other stakeholders. Our goal is to promote sustainability and increased property values while positively impacting cash flow and utility savings for property owners. For more information, visit www.lonestarpace.com.
About Bayview PACE
Bayview PACE offers creative financing solutions that combine construction, bridge and C-PACE lending. Unlike most PACE-only providers, Bayview PACE works with commercial property owners and developers to provide a full capital stack solution. Bayview PACE is a division of Silver Hill Funding, LLC. NMLS# 1564077 www.nmlsconsumeraccess.org. Please visit www.bayviewpace.com.
Media Contact
Olivia Lueckemeyer
Director of Marketing & Media Relations at Lone Star PACE
Olivia@LoneStarPACE.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c9ff58b1-cd25-4c6b-a366-393655741cde
