Click on on the image above to learn more about the A. Hoen & Co. Lithograph Building, the location of Maryland’s first refinanced C-PACE project.
FOR IMMEDIATE RELEASE
The MD-PACE Program is pleased to approve C-PACE refinancing for the A. Hoen and Co. Lithograph Building in Baltimore City. The property’s developer intends for the A. Hoen and Co. Lithograph Building to serve as communal workspace and meeting area for several different businesses. The developer, Cross Street Partners, is calling the facility the “Center for Neighborhood Innovation” or “CNI”, which will act as a space where community organizations and initiatives can collaborate and connect to the innovation economy. Twain Financial Partners supplied $1,600,000.00 of C-PACE refinancing for this project. Twain Financial Partners is an experienced capital provider that has grown its C-PACE financial division to support projects such as the A. Hoen and Co. Lithograph Building across the nation. This project constitutes the first instance of C-PACE used to refinance a previously completed project in Maryland. This innovative use of C-PACE enables property owners to enjoy the benefits of C-PACE post-project completion, contrasting with the standard use of C-PACE to provide immediate financing for the purchase and installation of eligible improvements. Through C-PACE refinancing, a wider range of eligible properties will be able to access C-PACE, supporting the growth of energy efficiency investment for commercial real estate in Maryland.
The A. Hoen and Co. Lithograph Building was recently renovated through a complex gut rehabilitation of the building. The scope of work included new automated building and HVAC controls, high efficiency lighting upgrades, and significant efficiency upgrades to the windows and roofing. In such a large project, it would be more cost-effective in the short term to settle for lower efficiency but less expensive versions of the proposed improvements; however, this would sacrifice the long-term return from utility bill savings earned by greater energy efficiency. Through C-PACE, long term profitability does not have to come at the expense of greater initial costs. With 100% upfront financing and a repayment term of twenty-five years, borrowers are able to repay the financing through affordable installments while the property receives the immediate benefits of greater efficiency. Twain Financial Partners adds the A. Hoen and Co. Lithograph Building to its portfolio of projects in the Mid-Atlantic, and the third addition located in Baltimore City following the Latrobe Building this August.
With the closing of the A. Hoen and Co. Lithograph Building C-PACE project, the total amount of C-PACE financing accessed in Baltimore City through the MD-PACE Program increased to over $9.3 million. Baltimore is a city that is endeavoring to improve its energy efficiency and reduce its carbon footprint, a commitment that was bolstered by the formal adoption of the 2019 Sustainability Plan. Among the many goals described in the plan, Baltimore specifically addresses the need to improve the energy efficiency of buildings within the city that generate 70 percent of the city’s greenhouse gas emissions. In the Strategies & Action section, the plan stresses the need to promote C-PACE financing to large building owners to improve the efficiency of these large energy users. The MD-PACE Program is proud to contribute to the sustainability plan of Baltimore through facilitating C-PACE financing. All commercial or non-profit property owners interested in saving money through C-PACE or investing in high-efficiency improvements should contact email@example.com.
About the MD-PACE Program
The MD-PACE program is sponsored by the Maryland Clean Energy Center (MCEC), a corporate instrumentality of the state of Maryland which advances the adoption of clean energy, energy efficiency products, services and technologies. MCEC leverages private capital to help homeowners, businesses, and government entities reduce energy costs. The MD-PACE program offers C-PACE financing to commercial property owners statewide.