CounterpointeSRE Closes $4.6 Million in C-PACE Financing for Amped Kitchens as Part of New Markets Tax Credit-Financed Multi-Tenant Commercial Kitchen in North Chicago
CHICAGO, March 26, 2021 / PRNewswire / – Counterpointe Sustainable Real Estate (CounterpointeSRE) announced today that it has deployed $ 4.6 million Commercial Property Assessed Clean Energy (C-PACE) funding to support completed energy efficiency work at the recently opened Amped Kitchens Chicago facility on Chicago Northwest side in the Belmont-Cragin district. Funding was provided through the Chicago PACE program.
The owners of Amped Kitchens provided C-PACE funding of $ 4.6 million to fund energy-efficient components of the intestinal renovation of the building.
The $ 4.6 million C-PACE funding has been applied for with the approval of a consortium of investors in the New Markets Tax Credit (NMTC) program, including Local Initiatives Support Corporation, Southside Community Redevelopment Enterprise, FirstPathway Partners, Consortium America, Chicago Community Loan Fund , Blue Hub Capital and PNC Bank.
“The opportunity to have a significant injection of capital into this project and its development team is valuable in that it both supports Amped kitchens’ energy efficiency decisions and helps keep costs down for those who do their business from this facility operate, “he explained Eric Alini, managing partner at CounterpointeSRE. “It is a win for everyone involved because it shows that the Chicago PACE and C-PACE are nationally at odds between sustainability and economic development, as demonstrated by the support of NMTC investors,” continued Alini.
The PACE funding provided by CounterpointeSRE under the PACE program in Chicago is for energy efficiency improvements, including new HVAC and LED lighting. HVAC improvements included improved systems like ventilation that improve air quality for tenants.
Amped Kitchens Chicago began converting a former Zenith television factory into a 113,000-square-foot facility with 64 kitchens for leasing to food manufacturers, from mom and pop establishments to large grocery companies, in 2019.
Previous reporting by Mark O’Meara in Novogradac captured the mood towards the project including that of John Widmer, CFO at FirstPathway Community Development LLC, an NMTC CDE based in Milwaukee.
“This will be a catalyst project for the Belmont Cragin region,” said Widmer. “There used to be a lot of manufacturing companies here.”
About Counterpointe Sustainable Real Estate:
Counterpointe Sustainable Real Estate (CounterpointeSRE) is a leading commercial real estate finance provider specializing in sustainable infrastructure improvements through PACE finance. For more information on PACE funding or CounterpointeSRE, visit counterpointesre.com.
Media contact:
Adam Moskowitz
[email protected]
Related images
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Amped Kitchens, 5801 W. Dickens Ave.
Amped Kitchens real estate owners employed $ 4.6 million in the C-PACE financing to finance energy-efficient components of the building’s intestinal renovation.
SOURCE Counterpointe Sustainable Real Estate
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