Lever Funds Multi-Family Property with C-PACE Capital
Lever Energy Capital has provided $400,000 in Commercial Property Assessed Clean Energy (C-PACE) financing for the installation of a 185 kW solar photovoltaic (PV) system on a 50-unit multi-family property in Raytown, MO. The completion of this commercial real estate financing is Lever’s first C-PACE deal closing in Missouri.
“We are thrilled to partner with Expo Real Estate Holdings to provide C-PACE funds to complete a solar installation that will benefit both the tenants and the property owner of this multi-family property in Raytown,” said Lever President, Mark Boyer. “Lever looks forward to working with more local property owners and developers to provide C-PACE financing for commercial real estate across Missouri.”
The solar PV system will help reduce the property owner’s utility bills and is expected to generate utility income that will exceed the C-PACE financing payments. Over the loan’s 20-year term, the system is estimated to generate more than $800,000 in revenue and save the property owner more than $50,000. Upon installation of the solar system, the property’s value is estimated to increase by as much as $650,000.
“Lever’s C-PACE capital and the project that the company is funding will significantly enhance our property’s bottom line,” said Amin Rezvani, Managing Partner of the property owner, Expo Real Estate Holdings. “We enjoyed working with Lever on closing this financial transaction and look forward to future deals with them.”
Missouri enacted C-PACE legislation in 2010 as a financing tool for the state’s commercial real estate industry to access capital for energy efficiency and renewable energy improvements. Commercial real estate owners and developers can finance 100% of the cost of these improvements with C-PACE capital provided by companies such as Lever. Lever’s C-PACE capital is low-rate, long-term, and non-recourse in exchange for a special assessment and lien on the property that automatically transfers upon property sale.
Working with C-PACE programs in Missouri and 21 other states, Lever is a leading provider of C-PACE financing with $500MM in capital to invest in commercial real estate across the United States. The company takes an innovative, scalable approach to providing clients and partners with a reliable source of accretive capital.
About Lever Energy Capital
Lever Energy Capital is a Denver-based Commercial Property Assessed Clean Energy (C-PACE) financier. Through the strong economics of C-PACE financing, the company strives to optimize commercial real estate assets while positively impacting profit, people, and the planet. Among the largest national C-PACE funds, Lever finances commercial real estate across all C-PACE programs in the United States. To learn more about Lever Energy Capital, visit the company’s website at https://www.leverenergycapital.com/.