As reported on March 19, 2019 on PR Newswire, Petros PACE Finance, LLC (www.petros-pace.com) announced the closing of a $1.2 million Commercial Property Assessed Clean Energy (C-PACE) transaction in Toledo, Ohio, marking Toledo's first privately funded C-PACE project and Ohio's first Opportunity Zone project to include C-PACE financing. The Toledo-Lucas Port Authority is the C-PACE program administrator and Coda Management Group is the developer.
The transaction will fund energy efficiency upgrades as part of the redevelopment of a 1900's era commercial warehouse building into a 690-unit self-storage facility. Proceeds will be utilized to replace the roof, insulate the ceiling, and install double-pane windows, high-efficiency furnaces and AC units, LED lighting and controls.
"C-PACE financing was a critical component in the capital structure for this transaction and we had a short window to close in order to take advantage of this Qualified Opportunity Zone funding," said Scott Krone, CEO of Coda Management Group. "Petros stepped up to provide timely execution along with competitive terms and we look forward to working with them in the future."
The Opportunity Zones program, passed as part of the Tax Cuts and Jobs Act of 2017, promotes economic development in distressed communities by giving investors and developers the ability to forgo and defer paying some capital gains taxes if they invest in any of the designated zones.
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