Greenworks Lending and CT Main Street Center Announce Partnership
- Partnership will provide capital to commercial properties for energy improvements.
- Organizations have similar goal to stimulate investment in downtown communities, as exemplified by recent Hartford project.
- Greenworks Lending is the State’s leading C-PACE lender, providing 100% financing for energy saving capital improvements made by commercial properties.
- CT Main Street Center is the state’s leading downtown resource organization with programs designed to encourage sustainability and promote economic incentives and financing such as Historic Tax Credits and C-PACE finance.
Darien, CT – Greenworks Lending and Connecticut Main Street Center (CMSC) today announced a partnership that will introduce municipalities and businesses in CMSC’s statewide member network to Greenworks Lending and the Commercial Property Assessed Clean Energy program, also known as C-PACE.
“We are dedicated to cultivating the best resources that help maintain and revive Connecticut Main Streets as the cornerstones of thriving communities,” said Patrick McMahon, CMSC CEO. “One of the most important aspects of our work is to help building owners secure the finances necessary to invest in these properties. That means connecting them to technical assistance, informing them of tax credits and teaching them about the merits of C-PACE financing.”
A recently financed project in downtown Hartford at 28 High Street exemplifies the synergy between CMSC objectives and Greenworks Lending’s mission.
The property, originally built in 1860 and registered as an historic building, has been vacant after having been used as offices for a variety of financial services clients. A new owner who purchased the building in 2016 is rehabilitating the 35,000 sq. ft. building to include ground floor retail and 28 residential apartments. Energy saving features will include high efficiency lighting, high efficiency HVAC (condensing furnaces and 16 SEER split system A/C units), new windows, and a solar PV rooftop array (60kW). Greenworks is providing $1.08 million in long-term C-PACE financing while CMSC is planning to provide a bridge loan for a portion of the state historic tax credits through its “Come Home to Downtown” program.
Access to C-PACE capital ensures sustainability measures are not value-engineered out of such developments. The energy efficiency and renewable measures included at 28 High Street are anticipated to yield the owner $50,000 in year one savings (including tax incentives) and more than $1.6 million in reduced energy expenses over the 15-year financing term.
About Greenworks Lending:
Led by several of the industry’s founding policy developers and standard-setters, Greenworks Lending is a private capital provider uniquely dedicated to funding commercial property owner investment in renewable energy and energy efficiency projects through state legislated C-PACE (Commercial Property Assessed Clean Energy) programs on a national level. For more information visit www.greenworkslending.com.
CMSC’s mission is to be the catalyst that ignites Connecticut’s Main Streets as the cornerstone of thriving communities. CMSC is dedicated to community and economic development within the context of historic preservation, and is committed to bringing Connecticut’s commercial districts back to life socially and economically. CMSC is supported by its Founding Sponsors, the CT Department of Economic & Community Development (DECD) and Eversource Energy. CMSC is also supported by its Growth Sponsors, UIL Holdings Corp. and the State Historic Preservation Office. More information is available at www.ctmainstreet.org.