Cleveland's first private C-PACE financed commercial property improvement. For the last three years, the real estate investment firm MAN Holdings has successfully renovated hundreds of units in the Cleveland market.
Recently, the company was able to utilize PACE (Property Assessed Clean Energy) financing. The company’s Shaker West property at 11811 Shaker Boulevard took advantage of two programs:
• GCP/COSE’s Commercial PACE, or C-PACE, program provided funding from private entities such as Greenworks Lending to make fixed and permanent improvements to improve the building’s energy infrastructure.
• The Council of Small Enterprises (COSE) and Greater Cleveland Partnership (GCP) commercial energy audit program, backed by FirstEnergy’s Ohio Utilities as a member benefit, also played a role (a $6,000 value).
Greenworks Lending financed $467,000 in building improvements that are expected to reduce the property’s energy consumption by 42 percent. Energy-saving measures included rooftop solar, building envelope (insulation, window glazing), LED lighting and building controls.
GCP/COSE also helped MAN Holdings secure almost $10,000 in energy efficiency rebates.
Total value MAN Holdings leveraged in energy rebates and discounts by working with GCP/COSE = $16,000