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.
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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.
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.
