Counterpointe Sustainable Real Estate (CounterpointeSRE) announced the closing of a Commercial Property Assessed Clean Energy (C-PACE) transaction for $5.5 million to support the development of a 227-unit apartment building in Edina, Minnesota. The project is being developed Dakota Pacific, a Salt Lake City, Utah-based firm, and Florida-based Luxe Residential, which is part of DLC Residential.
Located seven miles southwest of Minneapolis at 3250 West 66th Street, the six-story multifamily development named the “Millennium Sixty Six” will feature 227 units. Enhanced and upgraded sustainability features, which qualify the project for PACE financing, are projected to reduce electricity consumption by 3,150 Mwhs, with greenhouse gas emissions reduction estimated at 2,538 MTCO2e per year. The property is targeted for completion in July of 2021.
The $5.5 million in C-PACE funding for Millennium Sixty Six will be used to directly support energy-efficient infrastructure investments including building envelope, interior lighting (LEDs), HVAC, low-flow fixtures and high-efficiency DHW.
“The PACE financing allows our team to make the best long-term decisions possible for our future residents,” stated Lane Critchfield, Managing Director of Dakota Pacific Real Estate. “The low-cost capital allows us to invest in infrastructure that will reduce our carbon footprint and, more tangibly, everyone’s utility bills without a compromise to the luxury experience we are creating at Millennium Sixty Six.”
“This project is an excellent example of the potential for PACE financing to play a role in the multifamily sector, whether the projects are new developments or retrofits,” stated Eric Alini, Managing Partner of Counterpointe Sustainable Real Estate. “We are grateful to the team at MinnPACE for working with us from the administrator side of the transaction so that we are able to continue to provide capital nationally, despite the economic slowdown brought forth by the COVID-19 public health crisis.”
The transaction marked CounterpointeSRE’s first completed deal in the State of Minnesota. The firm has provided more than $50 million in PACE financing since the onset of stay-at-home protocols throughout the nation in mid-March. Alini additionally affirmed that CounterpointeSRE would continue to fund energy-saving projects during the current period of economic disruption.
About Counterpointe Sustainable Real Estate
Counterpointe Sustainable Real Estate (CounterpointeSRE) is a leading commercial real estate finance provider specializing in sustainable infrastructure improvements through PACE financing. Counterpointe Energy Solutions together with its affiliates, including CounterpointeSRE, is engaged in implementing, funding, managing and administering PACE programs and is a program administrator in Chicago, California and Florida. For more information, visit counterpointesre.com.
Counterpointe Sustainable Real Estate
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