PACE Loan Group closed a $1.5 million C-PACE Loan on a 475-unit self-storage project under construction in Romulus, Michigan.
The 25-year C-PACE loan, which closed out the $9 million capital stack, will be used for the building envelope, ENERGY STAR windows, high-efficiency HVAC, plumbing, and LED lighting.
The self-storage property, located adjacent to the Detroit Metropolitan Wayne County Airport, will consist of seven, one-story buildings with a unit mix of 298 climate-controlled units and 177 drive-up units. Construction is expected to be complete by the summer 2025. In addition to the PACE loan, a local bank provided a senior loan of $5.465 million.
Property amenities include on-site management, loading docks, climate-controlled units, outdoor drive-up units, 24-hour access, and a secured entry/full security system. Upon completion, the property will be managed by Extra Space Storage, a real estate investment trust founded in 1977 and headquartered in Salt Lake City, Utah.
The renewable and energy conservation measures are expected to save $57,616 annually in a payback period of 8.5 years.
