Green Pace Financial, Inc. and Hoover Financial Inc announces the closing of $44.5 Million in total PACE approved construction financing for a 126 Unit Mixed-Use project located at 2870 Olympic in Koreatown near downtown Los Angeles.
The combined 80% Loan to Cost non-recourse financing included $14.5 Million in C-PACE energy saving financing. C-PACE has become a popular new program now approved in 34 states nationwide for commercial developers to finance up to 25% of their total project cost at a low fixed rate in the high 5% range fully amortized up to 30 years. The balance of the C-PACE approved financing was in the form of a new $30 Million senior construction loan also non-recourse. The funding closed in late first quarter 2020 with construction.
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