Michigan Self-Storage Facility Secures C-PACE Loan to Fund Emergency Efficiency Measures
PACE Loan Group has successfully closed a $1.5 million Commercial Property Assessed Clean Energy (C-PACE) loan to support the construction of a 475-unit self-storage project adjacent to the Detroit Metropolitan Wayne County Airport. The loan, which spans 25 years, was the final piece of the $9 million capital stack needed to complete the project.
Key Points:
1
The project, featuring seven one-story buildings, is expected to be completed by summer 2025. It's expected to include 298 climate-controlled units and 177 drive-up units.
2
The funds will be used for energy-efficient upgrades, including building envelope improvements, Energy Star Star windows, high-efficiency HVAC systems, plumbing upgrades, and LED lighting installations.
3
Upon completion, the facility will be managed by Extra Space Storage, a leading real estate investment trust (REIT) founded in 1977 and headquartered in Salt Lake City, Utah. Some highlighted amenities include 24-hour access for tenants, loading docks and on-site management, and secured entry and a full security system.
4
The renewable and energy conservation measures funded through the C-PACE loan are expected to save $57,616 annually, with a payback period of 8.5 years.
