San Francisco, CA, August 17, 2017 --(PR.com
)-- The first-ever multifamily seismic retrofit with the addition of accessory dwelling units project backed by property-tax assessments funding - known as Property Assessed Clean Energy (PACE) Financing- closed helping the property owner stay ahead of San Francisco’s deadlines to comply with mandatory seismic retrofiting.
The financing provided by Counterpointe Sustainable Real Estate provided financing for 100% of the seismic retrofit costs and projects a positive cash flow in year one to the property owner with the annual installment 85% of anticipated rental income without inclusion of allowable rent pass-through and tax deductions.
Counterpointe Sustainable Real Estate (CounterpointeSRE) is a nationwide PACE financing provider, specializing in commercial clean energy and resiliency improvements. In 2014, the City of San Francisco selected its PACE program to become its official financing partner. The CounterpointeSRE Program™ has un-paralleled expertise in PACE financing for seismic retrofits and finances a variety of renewable energy, water conservation, energy efficiency and resiliency projects, such as cool and green roofs, lighting and building automation, energy efficiency windows and upgrading heating and air conditioning systems.
Through the CounterpointeSRE’s PACE program, the local county or municipality offers a voluntary tax assessment increase in exchange for financing 100% of the costs to fund permanent green energy-saving, water-saving and seismic strengthening improvements. This assessment is repaid with long term, fixed rates through an additional line item on the property tax statement. This allows property owners to finance improvements while preserving capital and off balance sheet treatment. Assessments are tied to the property so they may be passed through to tenants, are non-recourse to owners and are transferrable upon sale of the property.
In the Counterpointe Sustainable Real Estate deal, the property owner financed just under $1,000,000 of improvements to the property with annual repayment installment under $100,000/year and estimated monthly cost of $8,300. Fair market value of the property before the project is $2,090,000 and upon project completion and stabilization is projected to be $4,500,000.
About Counterpointe Sustainable Real Estate, LLC
Counterpointe Sustainable Real Estate (CounterpointeSRE) is a leading PACE provider, financing commercial real estate clean energy and resiliency improvements nationwide from $100,000 to $50,000,000.
For more information, please visit www.CounterpointeSRE.com