IECA Closes $11M in C-PACE Financing for Rockford MF Conversion
The Illinois Energy Conservation Authority NFP (IECA), an Illinois tax-exempt nonprofit, announced it closed $10.9 million in financing for a C-PACE multifamily project in Rockford, Illinois. The transaction marks the second C-PACE closing in Winnebago County.
PACE Equity was selected by the property owner to finance the project. The IECA is a C-PACE program administrator in the state and continues to expand the adoption of the PACE programs to participating communities throughout Illinois. The project also created 165 local jobs.
The C-PACE capital will help fund energy-efficient improvements for a 215-unit multifamily property located at 150 Loomis Street. The property previously served as an industrial space and consists of two three- and five-story buildings.
The funding will provide financing for HVAC, LED lighting, high-efficiency windows, a new roof and water conservation improvements. The project is expected to provide the property approximately $12 million in utility savings over the 30-year financing term.
Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories.
With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.