The Braveside is a former auto row building in Mount Vernon, Washington being converted to a multi-tenant commercial space, including a distillery. The C-PACE financing included retroactive scope to recapitalize the project while approaching completion.
Project Overview
Amalgamated Bank funded this C-PACE transaction through FASTPACE. The $510K financing covered roof insulation, windows, seismic improvements, and fire protection measures as part of the building's conversion from its original automotive use to a modern mixed-use commercial space.
Highlights
This was the first C-PACE closing in the Skagit County C-PACER program. The sponsor was able to access adjustable rate C-PACE financing to provide an attractive retroactive financing option, recapitalizing eligible improvements that were already completed or underway.