NEW LENOX, ILL. — Inland Green Capital LLC, an environmental finance and investment company, has originated $21.1 million in Commercial Property Assessed Clean Energy (C-PACE) financing for environmental improvements in the construction of a 220-unit multifamily property located at 232 N. Prairie Road in New Lenox. The C-PACE capital will help fund HVAC, LED lighting, roof, building envelope, air sealing, windows, water conservation and hot water system improvements. The improvements are expected to reduce the property’s annual electricity and water consumption by 834,000 kilowatt-hours and 378,000 gallons, respectively, when compared with a standard baseline building performance model.
PACE is a financing tool that provides long-term, fixed-rate funding to private building owners for energy efficiency, renewable energy, water conservation, electric vehicle charging and resiliency projects to be installed in both existing and new commercial properties.