The Illinois Energy Conservation Authority NFP (IECA), an Illinois tax-exempt 501(c)(3) nonprofit organization, announced it closed $10.9 million in financing for a Commercial Property Assessed Clean Energy (C-PACE) multifamily project in Rockford, Illinois. The transaction marks the second C-PACE closing in Winnebago County.
The C-PACE capital will help fund energy efficient improvements for a 215-unit multifamily property located at 150 Loomis Street. The property previously served as an industrial space and consists of two three- and five-story buildings. The development will also feature a fitness center, parking garage, rooftop deck, tenant storage, dog park, pet washing station, swimming pool, bicycle storage and car wash.
The funding, which closed in September 2023, will provide 100% financing for HVAC, LED/high-efficiency lighting, window, walls, roof and water conservation improvements. The C-PACE project is expected to provide the property with the following savings over the 30-year financing term:
- Approximately $12 million in utility savings
- 1,199,490 therms
- 34 million kWh
- 78,420 gallons of water
The C-PACE project also created 165 local jobs.
PACE Equity, a leader in C-PACE funding for development projects, was selected by the property owner to finance the project.
The IECA is the leading C-PACE program administrator in the state and continues to expand adoption of the IECA PACE program to participating communities throughout Illinois.
