Imperial Ridge Real Estate Capital Provides C-PACE Financing for Washington Tower in Dallas, Texas

DALLAS, Texas (Jul. 20, 2023) – Imperial Ridge Real Estate Capital, a national, private commercial real estate capital provider based in Colorado, today announced the firm has provided commercial property assessed clean energy (C-PACE) financing for energy efficiency upgrades at Washington Tower, a 55,0000-square-foot medical office building located at 712 N Washington Ave in Dallas, Texas.  NorthMarq served as the owner’s capital advisor for the transaction.

“In a challenging market, C-PACE is a powerful, but still underutilized financing option for projects of any size,” said Joel Poppert, Managing Director of Imperial Ridge. “Retrofits like this are precisely what C-PACE is designed for: to provide future-focused property owners with a non-traditional capital solution to improve their property and reduce their net operating income. We’re proud to be helping our client add value to their building while ultimately realizing significant energy savings. We are thrilled to have provided the financing to this project,” said Poppert.

C-PACE is a form of gap or incremental non-recourse financing that allows owners to finance up to 100% of the cost of eligible energy efficiency and renewable energy improvements and can reduce the need for conventional debt, equity or capital reserves. The primary focus of the property upgrades on this project will focus on the replacement of an outdated HVAC system.

“We were able to provide the right financing solution at the right time, allowing the property owner to sustainably adapt the building’s systems with an eye toward the future,” said Poppert. “The changes to the building will create a more efficient building that exceeds the health and comfort needs of the tenants and their patients.”