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Counterpointe Closes $14.5M in C-PACE Financing for Multifamily Project in Los Angeles

2870-W-Olympic-Blvd-Los-Angeles-CA

LiveWorkCreate is developing an energy-efficient multifamily property, located at 2870 W. Olympic Blvd. in Los Angeles’ Koreatown neighborhood.

LOS ANGELES — Counterpointe Sustainable Real Estate (CounterpointeSRE) has closed a Commercial Property Assessed Clean Energy (C-PACE) transaction totaling $14.5 million in financing through the California Statewide Communities Development Authority’s Open PACE program.

The financing will support energy efficiency, seismic strengthening and water conservation measures at a new multifamily property, which LiveWorkCreate is developing.

Located at 2870 W. Olympic Blvd. in the Koreatown neighborhood of Los Angeles, the seven-story multifamily development will feature 126 units, ground-floor retail space and a parking garage. Upgraded sustainability features are projected to reduce electricity and water consumption, as well as greenhouse gas emissions.

The upgraded multifamily property is slated for completion in 2022. The $14.5 million in C-PACE funding for the project is being used to directly support energy-efficient infrastructure investments throughout the building, including building envelope, interior lighting, HVAC, low-flow fixtures and high-efficiency domestic hot water.

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