PACE Loan Group Finances Wisconsin MF to Complete $41M Capital Stack

PACE Loan Group (PLG) provided $8 million in C-PACE financing to The Washington, a four-story, three-building luxury multifamily property with 200 units in Eau Claire, Wisconsin, filling out the $41 million capital stack’s $20 million in debt and $13 million in equity for the Chicago-based sponsor.

The property, comprised of a closed managed care facility and two new ground-up construction buildings, is set on 10 acres near the University of Wisconsin-Eau Claire and numerous healthcare facilities. The former care facility will house a 2,000-square-foot commercial space on the first floor.

The PACE proceeds will be used to finance energy conservation and renewable energy measures. The renewable and energy conservation measures are expected to save $367,265 annually in the payback period of 21.8 years.

“PLG provided a key component to the senior debt stack,” said Matthew McCormack, senior vice president of originations. “In a market where capital is hard to come by, we filled a gap when a bank participant could not be found.”

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