Tuesday, September 25, 2018

International Market Square (IMS)
275 Market Street, Studio 185, Minneapolis

Using Property Assessed Clean Energy (PACE) Financing: IMS Case Study

Property Assessed Clean Energy (“PACE”) is an emerging lending product that provides long-term, fixed-rate funds, up to 100% of cost, for projects that promote clean energy/renewable energy improvements. PACE can be used for both existing buildings and new developments and allows developers and owners to obtain low-cost, long-term financing for energy efficiency, water conservation, renewable energy projects, and more.

  • PACE covers 100% of the hard and soft costs of an energy project so property owners don’t have to put any money down.
  • PACE loans are repaid as tax assessments and can be passed on to tenants under most lease forms.
  • PACE allows finance terms up to 20 years while standard commercial lending rarely exceeds 7-10 years.
  • Upon a property sale, the PACE assessment seamlessly transfers to the new owner as part of the taxes, as well as the savings from the energy project.
  • At nearly half the cost, PACE is a great alternative to Mezz Debt and Equity in a capital stack.

At this Closer Look event, Rafi Golberstein, President of PACE Loan Group, and Shannon Van Gemert, Director of Eagle Ridge Partners, will walk through how a $3.9 million PACE loan was used to finance renovations of the iconic International Market Square, allowing the owners to reduce their equity contribution and to lower utility costs.

Times

7:30 am Networking & Breakfast
8:00-9:00 am Discussion

Pricing

$25 (NAIOP members only; max of 35)
No refunds for cancellations. Substitutions possible with another NAIOP member.

License Credit

Continuing real estate education credit has been applied for and 1.0 hour is pending approval from the Minnesota Department of Commerce.

Questions

Email NAIOP Minnesota or call (952) 928-4647.

Speakers


Rafi Golberstein

President
PACE Loan Group


Shannon Van Gemert

Director
Eagle Ridge Partners