Stonehill PACE has originated $16.3 million in C-PACE financing for Cornus House, a 199-unit multifamily community in Tacoma, Wash., owned by Cornus House LLC.
The loan, which marks Stonehill’s first clean energy financing in the state, has a 30-year term and will be used for lightning, covered process, seismic and qualifying soft expenses.
The owner will break ground on The Cornus House by the end of the year, with completion slated for November 2024.
The new development, identified by Yardi Matrix as partially affordable, will feature a mix of studios, one- and two-bedroom floorplans. The same data provider reveals that 40 units will be fully affordable. Additionally, the community will encompass 1,233 square feet of retail.
Located at 2502 Pacific Ave., the property is located less than 2 miles from downtown Tacoma, offering access to the Seattle metro area via Interstate 705. Several dining, retail and entertainment options are within walking distance.
With rising awareness pointed at green finance, sustainable real estate, as well as environmental, social and governance issues, more and more investors and turning to C-PACE financing as a direct tool for enhancing property sustainability. According to PACENation, this type of relatively new financing has already hit $3 billion in real estate financing across the nation.