A $6.9MM PACE Bond issued by the Los Angeles County and funded by Structured Finance Associates LLC will finance the renovation of the d2Dusit constance pasadena hotel in California.
Los Angeles, CA (PRWEB) July 21, 2014
Structured Finance Associates, LLC is pleased to announce the origination, structuring and funding of a PACE bond with Los Angeles County in the amount of $6,860,000 for the d2Dusit constance pasadenalocated in Pasadena, California.
“We are pleased to have the chance to work with the owners of the d2Dusit constance pasadena , K2 Clean Energy Capital, the County of Los Angeles, Sustento Group and PACENow to make this financing possible. PACE financing for the d2Dusit constance pasadena is an example of the use of a new and valuable financing tool property owners can utilize in upgrading and/or the redevelopment of existing properties. We look forward to the working with commercial property owners throughout the Los Angeles area to assist them in improving the value of their properties while creating jobs and improving our environment,” said Jean Dunn, CEO of Structured Finance Associates, LLC
The d2Dusit constance pasadena project is the renovation of the original Constance Hotel built in 1926. The PACE bonds issued provided long-term fixed rate financing for the installation energy efficiency improvements including new HVAC and controllers, LED lighting, elevator motors and controls, window treatments, water systems, and insulation within the renovated hotel. These improvements are estimated to save 207,488 kWh per year in electricity usage and reduce water consumption by 3,200,000 gallons.
“The PACE financing provided a significant piece of the capitalization of the project, enabling the owners to take advantage of long-term fixed rate financing for energy efficiency improvements. These improvements will allow the d2Dusit constance pasadena hotel to increase their operating cash flow and the corresponding value of the property” said Jonathan Pickering of K2 Clean Energy Capital, who were engaged by Singpoli Pacifica, LLC to develop the PACE project.
“PACE financing for the d2Dusit constance pasadena marks another significant step forward in the development of PACE within Los Angeles County. We are pleased that Structured Finance is part of the Los Angeles County PACE program and look forward to working with them on additional projects,” said Howard Choy, General Manager of the Office of Sustainability for the County of Los Angeles. Read more.
Get the monthly "PACE Market Updates" newsletter
Join our list of over 7,500 insiders and receive the latest news and updates on the PACE market -- delivered to your email.