Williamston County, Texas, Closes $1.8 Million Financing for Pair of Environmentally Conscious Projects

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Williamson County, TX — The county’s PACE program recently closed on their first commercial projects collectively valued at nearly $2 million designed to promote environmentally conscious energy use.

The Property Assessed Clean Energy (PACE) initiative is an innovative financing program enabling non-profit, commercial, industrial, multi-family, and agricultural property owners to obtain up to 100 percent of the project financing from low-cost, long-term loans for water conservation, energy efficiency, and onsite generation projects, officials said.

On Friday, Sept. 30, officials closed on a pair of projects with $1.8 million in financing for two Simon Property Group malls: The Lakeline Mall in Cedar Park and the Round Rock Premium Outlets. Additionally, Simon Property Group closed on another PACE project for Barton Creek Mall in Travis County, according to county officials.

In a prepared statement, State Rep. Tony Dale noted the win-win aspect the PACE program yields for property owners: “I’m pleased that Simon Properties is using the PACE program to improve their energy efficiency. Not only does the PACE program give them access to capital, but it also helps them protect the natural resources of Texas.”

Officials noted that Simon Property Group Inc., which bills itself as the world’s largest commercial property owner, is the first business to utilize the PACE program in Texas.

“We’ve worked with numerous PACE authorities in multiple states over the past several years,” said Kristene Canady, president of ECAS, a Simon Property Group consulting firm. “To orchestrate three closings in two different counties on the same day is evidence of how the Texas PACE in a Box model successfully streamlines an otherwise cantankerous process.”

Officials noted that Simon Property Group Inc., which bills itself as the world’s largest commercial property owner, is the first business to utilize the PACE program in Texas.

“We’ve worked with numerous PACE authorities in multiple states over the past several years,” said Kristene Canady, president of ECAS, a Simon Property Group consulting firm. “To orchestrate three closings in two different counties on the same day is evidence of how the Texas PACE in a Box model successfully streamlines an otherwise cantankerous process.”

Financing for the project was provided by Petros PACE Finance of Austin. Petros PACE Finance is one of the leading specialty finance firms in the U.S. dedicating all of its resources to the commercial PACE market nationwide, officials said.

Texas PACE programs are based on the PACE in a Box model program designed by over 130 volunteer stakeholders. This user-friendly model has been uniformly adopted in Texas by Cameron, El Paso, Fort Bend, Travis, Willacy, and Williamson Counties and the cities of Dallas and Houston.

“One property owner and one lender closed three projects in two counties in one day, proving the Texas PACE in a Box concept – uniform, market-friendly, and flexible design for businesses across Texas,” said Charlene Heydinger, president of Texas PACE Authority.

Read the full article at patch.com.