Lone Star PACE Facilitates $46.6 Million C-PACE Financing for Luxury Mixed-Use Development in Houston

HOUSTON, June 3, 2024–(BUSINESS WIRE)–Lone Star PACE, a lead administrator of Texas’ Property Assessed Clean Energy program, announced today that it has facilitated $46.6 million in C-PACE financing for a new development mixed-use development near Houston’s Buffalo Bayou Park.

A loan of more than $31 million was administered for The Thompson, a 172-room luxury hotel located at 1711 Allen Parkway. Another loan of more than $15 million was provided for an adjacent 53,000-square-foot commercial pavilion at 1755 Allen Parkway.

Lone Star PACE partnered with lender Nuveen Green Capital to administer the financing. Improvements covered by the loans include building envelope, lighting, HVAC and plumbing improvements.

Lee McCormick, President of Lone Star PACE, said: “We are delighted to have participated in this exciting project by helping to reduce the cost of development through C-PACE. Sustainable building improvements to The Thompson and adjacent retail pavilion will ensure the property remains a vital community resource and gathering place for generations to come. »

C-PACE helps reduce energy consumption in commercial and industrial buildings by providing long-term, low-cost financing for sustainable improvements. Homeowners can use C-PACE to finance building renovations and new construction.

The Thompson Hotel is the anchor of The Allen, a luxury mixed-use destination led by international real estate development and investment firm DC Partners. The adjacent mixed-use clubhouse includes retail, fine dining, and a health and fitness club. A 99-unit condo tower is also on site.

Roberto Contreras, CEO and Chairman of the Board of DC Partners, said: “Today’s financial environment requires innovative solutions. Implementing C-PACE allowed us to not only repay construction debt, but also make a sustainable investment in our building and the environment.”

About Lone Star PACE

Lone Star PACE is the program administrator for Texas city and county Commercial Property Assessed Clean Energy (C-PACE) programs. We help local governments, economic development corporations, chambers of commerce and trade associations promote economic development and conservation by facilitating C-PACE projects with landowners, PACE lenders, contractors and others stakeholders. Our goal is to promote energy and water conservation and increased property values ​​while positively impacting cash flow and utility savings for homeowners. For more information, visit LoneStarPACE.com.

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Contacts

Lee McCormick
President
[email protected]