Bayview PACE has provided $20.5 million in C-PACE financing for construction of a $72-million, 324,000-square-foot headquarters and flex/industrial facility for Master’s Transportation in Kansas City, MO.  The Commercial Property-Assessed Clean Energy (C-PACE) financing provided a complementary role in the capital stack of the development, which is now under construction toward a 2025 opening. Other financing includes a $31-million construction loan and $20 million in sponsor equity.

“In today’s banking landscape, finding willing participants can be challenging. In this transaction, PACE financing was used in place of a participant bank,” said Anne Hill, SVP of Bayview PACE. “PACE offers a compelling alternative because our pricing is in line with bank pricing, we are non-recourse, there are no intercreditors or voting rights, and we can help banks build their deposits.”

Located at the intersection of 150 Highway and Prospect Road 20 miles south of downtown, the new facility will consolidate eight other area locations, providing greater efficiency and room for growth. Founded in 1992, Master’s is one of the largest bus and transportation fleet operators of its kind in the U.S., serving 26 states.