PACE For Senior Lenders

I had some knowledge of the PACE program from a previous presentation at a real estate function. At or around the same time, my client George Wommack was undergoing an adaptive reuse project called The Allen, converting a warehouse building to class "A" office. At the time we were only using sponsor equity, senior debt and state and federal tax credits. The tax credits helped gap the budget to be able to bring in the rents at a market rate, yet allow for the building to be redeveloped.

I introduced the PACE program to George, as a way to further help gap the budget and enhance the overall scope of the project. The program was a great fit and the Borrower was able to execute his development plan and incorporate energy efficiencies such as solar panels, triple pane windows. The outcome was "The Allen", a catalyst development at the corner of McCullough and Ashby which has since had a spillover effect with neighboring properties redeveloping.

Broadway Bank is a community focused Bank. By using the PACE program for the subject property we helped fulfill our mission for community investment in bringing the Allen building back for the benefit of all.

Andrew M. Ozuna, Senior Vice President, Broadway Bank