X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
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.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

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.

More from this author

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.