Filling the Capital Stack with Energy Savings at a New Storage Facility
A Benchmarking
Buildings Case Study
Self-Storage
To support the ground-up construction of a 990-unit, climate-controlled self-storage facility in Harriman, NY, MD Energy Advisors structured $2.59MM in C-PACE financing. By meeting savings-to-investment ratio thresholds, MDEA funded energy-efficient upgrades—reducing the equity requirement and unlocking non-dilutive capital for envelope, windows, HVAC, and lighting.
Opportunity
Ownership was looking to fill the $2.59MM gap in the capital stack for the ground-up construction of a 990-unit, climate-controlled self-storage facility in Harriman, NY in a non-dilutive manner. The project had adequate debt service coverage but was cost constrained by the senior mortgage lender.
Solution
With adequate debt service coverage at stabilization, we were able to layer in $2.59MM of CPACE financing by meeting a savings to investment ratio and demonstrating that the energy savings from the items that we financed exceeded the annual debt service on the CPACE.
Leveraging our in house engineering team, MD Energy Advisors designed a solution to unlock the $2.59MM by financing the eligible building envelope, lighting, insulation, windows, roof, and HVAC.
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