Adaptive Reuse of Aronson Building Draws Largest PACE Financing to Date

CounterpointeSRE, a subsidiary of Counterpointe Sustainable Advisors, closed $255.9 million in PACE financing for the adaptive reuse of the historic Aronson Building into the Four Seasons Private Residences in San Francisco. The transaction, representing the first financing completed since Counterpointe’s recapitalization with MassMutual in May, is reportedly the largest PACE financing ever completed and marks a new phase in the evolution of green financing for institutional quality commercial real estate.

The office-to-multifamily condominium conversion included significant energy efficiency upgrades and resiliency measures such as a rooftop stormwater recycling system. The conversion of the Chicago School style office building into residential use is LEED Silver certified and has won numerous awards,

“This project exemplifies the use of commercial PACE for green renovations,” said Christopher Hoeffel, president and COO of Counterpointe. “Our company is focused on the convergence of climate change and real estate. The Four Seasons Private Residences project represents an excellent example of how green financing can be used to enhance the urban landscape.”