FOR IMMEDIATE RELEASE
May 6, 2019
Local Landmark Towson Commons Executes First C-PACE Project in Baltimore County
The first C-PACE project in Baltimore County has been funded. The project finances the installation of LED lighting throughout the Towson Commons office property.
Towson, Md. – The MD-PACE Program is excited to announce that the Towson Commons office has become the first recipient of commercial property assessed (“C-PACE”) financing in Baltimore County.
C-PACE financing is a source of private capital for commercial property owners that is repaid through the property tax bill. It is administered through a public-private partnership between the Maryland Clean Energy Center (MCEC) and PACE Financial Servicing (PFS) called the MD-PACE Program. C-PACE financing increases job growth in the construction sector while simultaneously improving the energy efficiency of Maryland’s building stock.
Towson Commons is a mixed-use development in the retail corridor of Towson, Maryland. With over 330,000 square feet of retail and office space, it is an economic and social fixture of the region. The Towson Commons office used C-PACE to finance a large installation of LED lighting throughout the property, which are markedly more efficient than a standard incandescent bulb. C-PACE can finance any fixture that is permanently affixed to a property and increases its energy efficiency. This can range from HVAC systems and boilers to envelope improvements and even the installation of renewable energy generation. The Towson Commons office LED lighting project alone will result in over $1.7 million in net energy savings over the life of the measures.
According to Matthew Steinmeier, a Principal in CSG Partners, LLC, the project sponsor, “C-PACE has been an effective avenue for us to implement our lighting upgrade project at Towson Commons office. The process, which was managed by Greenworks Lending, was smooth and seamless. We are currently evaluating C-PACE opportunities at our other commercial properties.”
Greenworks Lending is one of a handful of nationally active C-PACE lenders and financed the Towson Commons office project. According to Andrew Zech, Greenworks Lending’s Head of Business Development, “Greenworks Lending is excited about the momentum of the MD-PACE program. Baltimore County in particular is a promising market for us. We are looking forward to dramatically expanding our impact in the county in 2019.” Greenworks Lending has already funded C-PACE deals in several jurisdictions in the MD-PACE Program.
State legislation enabling C-PACE financing and establishing the MD-PACE Program was passed in 2014. and Baltimore County opted into the program in 2016. To date, the state of Maryland has benefited from over $13 million in C-PACE financing.
With this Towson Commons project, Baltimore County joins 17 other jurisdictions in the state of Maryland that have already used C-PACE financing to boost economic development and improve energy efficiency, 15 of which are members of the MD-PACE Program. The MD-PACE Program is sponsored by the Maryland Clean Energy Center (MCEC) and administered by PACE Financial Servicing (PFS).
For more information on C-PACE and the MD-PACE Program, please visit https://md-pace.com.