Retail – New Efficient HVAC Equipment and LED Lighting Upgrades

$10,466,025

25YR TERM FIXED RATE C-PACE FINANCING

$1,551,065

INTEREST SAVINGS OVER 3 YEARS

$1,020,187

ENERGY SAVINGS OVER THE LIFE OF THE PROJECT

1,037

Lives Protected

Washington Prime Malls
Orange Park & Ocala, FL

The Challenge

Traditionally, property owners are faced with a series of challenges:

  • Lowering operating costs for their investments in energy efficiency improvements.
  • Only utilizing the operating budget to upgrade the property and preserving capital budget.
  • The need to meet construction timetables

The HASRE Solution

  • CounterpointeSRE Program C-PACE financing covering 100% of the costs of the improvements. C-PACE is not a loan, but a tax assessment placed on the property to be repaid annually.
  • Low Annual Installment: Through capital with low cost and long term, the annual installment falls within operating budget and preserves capital for other acquisitions or capital expenditures.
  • Quick and Easy Financing: Application received and disbursement wired in 39 days, even with November and December holidays within those 39 days. If the desired financing had been less than $1 million, then the project would have been faster as no financials or appraisal are required for the project that qualifies for CounterpointeSRE’s C-PACE 1 Program.

The Result

  • Self-amortizing, non-recourse with no personal guarantees a 15 year fixed rate financing with no acceleration clauses or balloon payments
  • Replaced aging HVAC equipment and energy inefficient lighting
  • Estimated utility savings > annual installment
  • Financing may qualify for off-balance sheet treatment

HASRE is partnership between Counterpointe Sustainable Real Estate and Hannon Armstrong.