The Illinois Energy Conservation Authority (IECA) recently closed on its largest commercial Property Assessed Clean Energy (C-PACE) financing deal in Kane County, totaling nearly $3 million in funding.
The C-PACE capital will finance energy-efficient upgrades in the Old Copley Medical Hospital in Aurora. The Aurora City Council voted unanimously last year to approve the transformation of the abandoned nine-acre medical campus.
“Kane County was the first county in Illinois to adopt PACE financing in 2018 and sign on with the IECA,” said Mark Pikus, president of IECA. “We are thrilled to continue our relationship with the County and be a part of the historic Old Copley Medical Hospital transformation and the revitalization of the East Aurora community.”
Enhanced Capital, a national asset manager that invests capital into small businesses, renewable energy projects and historic real estate rehabilitation, partnered with locally-based Fox Valley Developers, LLC to help finance the project.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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