|Schenectady, N.Y. — Energy Improvement Corporation (EIC) announced today the closing of the first Open C-PACE transaction in the City of Schenectady. The project, developed by Hudson Development Partners, is a conversion of a seven-story former office building in the heart of downtown Schenectady into Canal Lofts, an upscale 32-unit apartment building. PACE Equity funded $1.95 million in C-PACE financing for energy efficiency upgrades including new windows, insulation, high efficiency boilers, and LED lighting.
Mayor Gary McCarthy said, “As we build back better from the COVID-19 crisis, we could not be more pleased to see this vacant office building become a smart, energy efficient apartment community called Canal Lofts. When the City adopted the Open C-PACE Program, we were hoping that it would be a useful tool to spur energy efficient smart development projects like this one.”
“We thank Hudson Development Partners led by Chris Maddalone and Seth Meltzer for moving ahead with this key development on Erie Boulevard, using the latest energy saving technologies to bring a vacant building back to life,” said Ray Gillen, Metroplex Chair.
PACE Equity Executive Vice President Ethan Elser said, “This project was a true win/win/win. It’s investing millions of dollars into a building which has sat vacant for over a decade, creating vital construction jobs, adding to the tax base and building in a sustainable method. The entire development project team worked closely for many months to close financing. This is a great example of what PACE Equity specializes in and is known for.”
Seth Meltzer, Canal Lofts Developer, said, “The conversion of the City-owned 192 Erie building is a win for the community and required a creative financing structure in order to make it viable. The synergy between us and PACE Equity was crucial in getting this deal done. We thank the City for joining the Open C-PACE program that enabled this project to happen.”
Alicia Barton, President and CEO, NYSERDA said, “NYSERDA congratulates all the project partners for demonstrating how C-PACE can be instrumental in facilitating the integration of clean energy improvements into important community re-development projects, particularly for multifamily buildings and other projects that will benefit from longer and more flexible repayment periods. NYSERDA encourages other municipal governments to consider offering this public-private partnership financing tool through EIC’s Open C-PACE program, and for commercial and multifamily building owners and operators to take advantage of this financing product to achieve significant carbon emissions reductions at their properties.”
Property Assessed Clean Energy (PACE) financing is low-cost, long-term capital for energy efficiency and renewable energy improvements, and is enabled by state and local law. Open C-PACE offers private, competitive capital and is administered by EIC on behalf of its member municipalities. Municipalities can now offer the benefit of PACE financing without taking on any program administration and are not responsible for collecting or remitting payments.
For more information on Open C-PACE, visit www.eicpace.org or call (914) 302-7300 x8105.