3 W. Main St, Suite 103
Irvington, NY 10533
TOTAL FINANCING
$55MM
Loan Type
Renovation
Bridge Loan
$34.36MM
BRIDGE Term
3 Years
C-PACE Financing
$20.61MM
C-PACE Term
30 Years
Ocean Center Luxury Apartments
Long Beach, California
X-Caliber Funding provided a short-term bridge loan and CastleGreen Finance provided a C-PACE financing that resulted in a lower cost, more efficient capital stack with long-term, fixed-rate financing. The structure also helps decrease overall operating costs while supporting energy efficiency and sustainability.
The Opportunity
The financing is part of a historic 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.
The Solution
A short-term renovation loan combined with a C-PACE structure was recommended that not only provided borrowers with long-term, low-cost, fixed-rate financing, but will provided for significant energy upgrades, reduce greenhouse gas emissions, and create significant cost savings over the life of the financing.
The Companies
Designed to reduce CO2 emissions by 189.1 MT/year
Designed to reduce energy use by 466,256 kWh/year
Designed to save an estimated 4.9MM gallons of water annually
Expected to employ 150 construction workers and 5 full-time employees
Expected energy cost saving of $65,079 in year one and $1.9MM over the lifetime of the finance
