CSRE continues their commitment to sustainable real estate finance during a time of economic disruption, funding a new construction development and three seismic soft-story retrofits for multifamily properties in Los Angeles to end the first quarter.
The four PACE transactions were financed through the California Statewide Development Authority’s (CSCDA) Open PACE program. The largest of the transactions at $14.5 million is located at 2870 West Olympic Blvd in the Koreatown neighborhood of Los Angeles. The funding for the seven-story, 126-unit multifamily development will be used to directly support energy-efficient infrastruture investments throughout the building, including building envelope, interior lighting (LEDs), HVAC, low flow fixtures and high-efficiency DHW. Beyond closing these multifamily deals, CSRE is actively exploring how the firm can help provide financing to help office and other commercial properties prevent COVID-19 transmission, as well as add to the more than $56 million in capital it has provided to the healthcare sector in the last 9 months.