Unlocking HVAC Upgrades with C-PACE at a Growing Medical Office Campus
A Benchmarking
Buildings Case Study
Medical Office Business Park
To reposition a 26-acre Columbia, MD office park for medical tenants without using equity or refinancing, the sponsor partnered with MD Energy Advisors to secure $2.18 million in C-PACE financing. This landmark project—Howard County’s first C-PACE execution—funded HVAC upgrades as part of a $36 million capital stack, enabling energy improvements while preserving the first mortgage.
Opportunity
Taking advantage of the depressed commercial office market and understanding the growth opportunity of medical office, our client purchased a 26-acre business park that featured four single story office buildings and two 2-story office buildings in Columbia, MD. To service the needs of medical office tenants, the reposition required improvements to the HVAC. The sponsor wanted to pay for the upgrades without using equity or cash and without refinancing the accretive first mortgage.
Solution
In an effort to accomplish the sponsors aforementioned objectives, MD Energy Advisors identified an opportunity to utilize C-PACE funds to finance the HVAC system to meet the medical office requirements. Leveraging our internal engineering team we were able to frictionless unlock the C-PACE capital. This execution was the first project to benefit from C-PACE financing in Howard County history.
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