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C-PACE Financing Closes for Tinley Park Multifamily Development
The Illinois Energy Conservation Authority NFP (IECA), an Illinois tax-exempt 501(c)(3) nonprofit organization, said it had recently closed $10,600,000 in financing for a Will County Commercial Property Assessed Clean Energy (C-PACE) project in Tinley Park, IL.
The C-PACE capital will help fund energy efficient improvements for a 144-unit, Class A apartment development to be named The Magnuson. The property will consist of four, four-story buildings and a clubhouse building situated on a 7.64-acre site.
The funding will provide 100% financing for HVAC, LED/high-efficiency lighting, insulation, window, roof and water conservation improvements. The C-PACE project is expected to provide the property with approximately $311,000 in savings over the 30-year financing term, while also saving more than 2.3 million gallons of water per year and 204,094 kWh per year. The C-PACE project also created 159 local jobs.
Rendering courtesy of KJM Construction.
- ◦Development
- ◦Financing
