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The Hartford National Bank & Trust Building The Hartford National Bank & Trust Building (center) is reportedly the nation’s first microgrid project financed through C-PACE.

DARIEN, CT—Earlier this week, Greenworks Lending closed on what’s reportedly the nation’s first microgrid project financed through the Property Assessed Clean Energy (PACE) program, at the historic Hartford National Bank & Trust Building, 777 Main St. in Hartford, CT. A $1.1-million commercial PACE (C-PACE) investment helped fund the property’s renovation into a LEED Platinum mixed-use residential and commercial building. This occurred five weeks after Darien, CT-based Greenworks closed financing on the first C-PACE project in Maryland.

On its website, Greenworks—which grew out of the most successful C-PACE program in the country during 2013 and 2014—describes PACE as the nation’s fastest-growing financing option for clean energy upgrades. “It starts with a government policy that classifies clean energy upgrades as a permanent public benefit—like a new sewer, water line or road. These upgrades can be financed with no money down and then repaid as a benefit assessment on the property tax bill over long term (over 20 years). The assessment transfers on sale and can be passed through to tenants where appropriate. It’s easy to see why building owners across the country are choosing PACE.”

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Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.

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