Ocean Center Luxury Apartments

The Power of Our Platform

Creating Energy Efficiency, Employment, and Significant Borrower Savings

CastleGreen Finance provided $20.61MM in C-PACE financing and X-Caliber Funding provided $34.36 MM in renovation financing for the 80-unit, 14-story, 142,411 square-foot, historic landmark building originally built in 1929.

The financing is part of a renovation project led by Pacific6 Enterprises, a firm that focuses on projects that bring positive economic and social advancement to their local communities. They purchased the vacant office building in 2018 and have worked to obtain the property’s necessary entitlements and permits while completing other unrelated renovations.

CastleGreen recommended a C-PACE structure that will not only provide borrowers with long-term, low-cost financing, but will provide for significant energy upgrades, reduce greenhouse gas emissions, and create significant cost savings over the life of the financing.

The project will employ 150 construction workers, five full-time employees upon completion, and another 60 full-time employees to assist on the restaurant and retail store.

Designed to save $1.9MM in energy costs over the lifetime of the improvements.

• Annual CO2 reduction of 189.1MT per year
• Estimated annual energy savings of $65,000