A commercial property assessment financing deal valued at $22.5 million has been finalized for a luxury garage condominium development in Plano. The transaction was facilitated by PACE Loan Group and Lone Star PACE.
The funding utilizes the Commercial Property Assessed Clean Energy, or C-PACE, model. This structure allows property owners to finance energy efficiency, renewable energy, or water conservation improvements through a voluntary assessment on their property tax bill.
The specific details regarding the developer, the exact location within Plano, or the number of units in the project were not provided in the initial reports. It remains unclear when construction is scheduled to begin or if the project has received final local approvals.
C-PACE financing is typically used for large-scale commercial and mixed-use real estate projects. The loans are often structured with long terms that align with the lifespan of the improvements being funded. This approach is designed to help property owners manage upfront costs while potentially reducing long-term operational expenses through improved efficiency.
The involvement of PACE Loan Group and Lone Star PACE indicates the use of specialized lenders who focus on this type of assessment-based capital. These entities typically work with property owners to structure the financing terms, including interest rates and repayment schedules, to match the projected savings or value added by the improvements.
