First PACE loan given to new construction in Rhode Island

A RENDERING of the project at 580 South Water St. in Providence from May 2018. / COURTESY PROVIDENCE DOWNTOWN DESIGN REVIEW COMMITTEE

PROVIDENCE – The first ever Property Assessed Clean Energy loan has been made for a new construction project in Rhode Island, according to Twain Financial Partners.

Twain contributed $2 million in financing for the project located at 580 South Water St., located in the Fox Point neighborhood of Providence, adjacent to Parcel 8 of the Interstate 195 Redevelopment District.

The firm, based in St. Louis, financed the loan through the Rhode Island Infrastructure Bank’s Commercial Property Assessed Clean Energy program, which allows building owners to finance up to 100% of eligible energy efficiency, renewable energy, water conservation, and environmental health and safety improvements.

The project developer and manager is Churchill and Banks.

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The new building will be a five-story apartment complex with one- and two-bedroom units. The project is expected to be finished around March 2021.

The C-PACE program has saved nonprofits and developers in Rhode Island more than $10 million in energy costs to date, according to Rhode Island Infrastructure Bank CEO Jeffrey R. Diehl.

“The efficiency features at 580 South Water St. will provide residents with a high quality of living and lessen their impact on the environment,” Diehl said.

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