PACE Equity closes $5 million C-PACE financing for nursing facility

Brooklyn, NY PACE Equity, the leader in Commercial Property Assessed Clean Energy (C-PACE) financing for development projects, has closed a $5 million C-PACE transaction for the Brooklyn United Methodist Church Home Skilled Nursing Facility. The project improved the site’s energy efficiency and helped meet the carbon emission requirements of Local Law 97.

PACE Equity financing was used to fund energy-efficiency improvements for the 57,000 s/f building at 1485 Dumont Ave., enabling the 150-year-old organization to comply with Local Law 97, which limits carbon emissions for New York City buildings over 25,000 s/f. The building’s carbon emissions will measure 265 metric tons annually, falling below the Local Law 97 limit of 611 metric tons per year for the property type and contributing to New York City’s goal of reducing carbon emissions by the city’s largest buildings 40% by 2030 and 80% by 2050.

“This New York City C-PACE transaction represents a momentous opportunity for the city’s commercial properties,” said Beau Engman, president and founder of PACE Equity. “As developers and building owners strive to comply with Local Law 97’s building performance standard and avoid future fees and penalties, C-PACE financing will serve as a vital tool to propel low-carbon development and achieve New York City’s sustainability goals. PACE Equity is proud to lead the effort by funding New York City’s newest C-PACE project.”

Built in 1976, the Brooklyn United Methodist Church Home is a 120-bed nursing home offering 24-hour skilled medical care. Energy-efficiency improvements in the building’s design include high-efficiency boilers, HVAC equipment, and LED lighting, which were directly financed, and a combined heat and power plant that was retroactively refinanced. The improvements are projected to yield $210,000 in annual energy savings.

“PACE Equity was easy to work with to get the financing accomplished, and the financing will place Brooklyn United Methodist Church Home in a better position to continue to improve its energy efficiency platforms now and for the foreseeable future,” said Victor Orriola, administrator/CEO of Brooklyn United Methodist Church Home.