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Green Pace Closes $45M C-PACE Deal for Koreatown MXU
San Diego-based Green Pace Financial, Inc. and its affiliate Hoover Financial, Inc. closed on $44.5 million in PACE approved construction financing for Live, Work, Create Equity, LLC to construct a new 126-unit luxury multifamily development in Los Angeles’ Koreatown. The combined 80% loan-to-cost non-recourse financing included $14.5 million in C-PACE energy saving financing.
Green Pace Financial’s Shawn Heyl says, “We’re excited to be part of the historically high growth the culturally diverse neighborhood of Koreatown is experiencing, and look forward to being a long-term financing partner for the developer on future projects.”
The balance of the C-PACE approved financing for the project was in the form of a new $30-million senior construction loan, also non-recourse, provided by one of Green Pace Financials most active private equity construction lenders. Construction on the project at 2870 Olympic Blvd. is expected to commence this summer.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Financing
- ◦Development



