CounterpointeSRE closes nine C-PACE financing transactions during COVID-19 isolation (since March 23, 2020)
The disruption of business caused by COVID-19 is significant. We've seen that in minute-by-minute news coverage, financial market fluctuations and within our very own households. While we expect this unprecedented health crisis to continue for some time, Counterpointe Sustainable Real Estate is fortunate to be able to continue our work supporting energy-efficiency, renewable energy and resiliency projects in commercial buildings. We not only have capital, but we are actively deploying it for both new projects and retrofits. In fact, since March 23, when the S&P reached its recent low of 2300, the CounterpointeSRE team has closed 9 C-PACE transactions totaling $16.5 million.
"We not only have available capital, we're deploying it into the commercial real estate market," affirmed Managing Partner, Eric Alini. "The team has worked diligently to execute transactions and work through the recording issues that are inherent with any real estate transaction despite the need for physical distancing," he continued.
In locations where CounterpointeSRE's affilliate Counterpointe Energy Solutions is a program administrator, such as in Florida (FPFA program), and California (CSCDA Open PACE) and in Chicago (Chicago PACE), the team has been able to line up the digital resources necessary to close relatively quickly under current physical constraints.
"Digital recording isn't new, but COVID-19 is forcing lenders to align resources, title companies and others that can work remotely with each program administrator," explained Lance Haberin, transaction manager for CounterpointeSRE. "For our recent transactions, we certainly owe a great deal of gratitude to James Hammil and the CSCDA team for working with us."
"Multifamily, offices and mixed use remain a strong focus for our retrofit business," explained Alini. "New construction will continue to play a significant role in the generation of PACE assets, particularly where recently completed projects and projects that are already underway can extract capital for other sustainable and resiliency development projects," he suggested. CounterpointeSRE's closings since March 23rd include seven seismic retrofit projects in multifamily properties in Los Angeles and San Francisco. The funding supports work that can begin immediately, as the soft-story retrofit program and construction in these districts is considered essential. Ultimately the retrofits will protect 89 housing units. Seismic strengthening was also a component of a new construction financing for a multifamily mixed use property with 126 housing units, bringing the firm's total to 215 housing units benefiting from C-PACE financing through recent transactions. A $394,000 C-PACE financing for a 160 KW renewable project at a mixed use office outside of Los Angeles rounds out the nine total completed since March 23.