Lever Funds Improvements to Sheakley Headquarters
Cincinnati, OH (October 1, 2019) – Lever Energy Capital has provided $450,000 in Commercial Property Assessed Clean Energy (C-PACE) financing for the installation of an 80-kW solar photovoltaic system, roof improvements, and LED lighting at the Sheakley Group headquarters building in Cincinnati, Ohio. The completion of this commercial real estate financing is Lever’s first capital deployment in Ohio.
“We are thrilled to partner with Sheakley to provide funds to complete building improvements that will benefit the property owner, the company, and other building tenants,” said Lever President, Mark Boyer. “Lever looks forward to providing more financing for commercial real estate across Ohio.”
The financed building improvements will reduce property utility bills and enhance building value. Over Lever’s 20-year financing term, the improvements will generate more than $500,000 in savings for the building. Completion of the improvements will increase the property’s value by as much as $250,000. The immediate savings and value appreciation resulting from the improvements, coupled with federal tax incentives and utility rebates, compensate for Lever’s financing payments over time.
“We enjoyed working with Lever on closing this financial transaction,” said Tom Pappas, CFO of the Sheakley Group and Vice President of the property’s ownership group. “We appreciate how Lever’s financing mirrors the savings that we will receive from these improvements and helps to better align our building with our company’s values in regards to sustainability.”
Ohio enacted C-PACE legislation in 2009 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 Ohio 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/.