{"id":7196,"date":"2024-09-17T11:27:21","date_gmt":"2024-09-17T11:27:21","guid":{"rendered":"https:\/\/listselfstorage.com\/us\/industry-insights\/?p=7196"},"modified":"2024-09-25T14:25:28","modified_gmt":"2024-09-25T14:25:28","slug":"pace-loan-group-closes-1-5-million-loan-for-self-storage-project-in-romulus-mi","status":"publish","type":"post","link":"https:\/\/listselfstorage.com\/us\/industry-insights\/pace-loan-group-closes-1-5-million-loan-for-self-storage-project-in-romulus-mi\/","title":{"rendered":"PACE Loan Group closes $1.5 Million Loan for Self-Storage Project in Romulus, MI"},"content":{"rendered":"<p><!-- VideographyWP Plugin Message: Automatic video embedding prevented by plugin options. --><br \/>\n<figure style=\"width: 554px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" src=\"https:\/\/www.rejournals.com\/cdn-cgi\/imagedelivery\/6iHEwjizFHpoEvpmegYjPg\/rejournals.com\/Romulus-image-EXT-RND-Birdseye-View.png\/w=800,h=423\" alt=\"PACE Loan Group closes $1.5 million loan for 475-unit self-storage project  in Romulus \u2013 REJournals\" width=\"554\" height=\"293\" \/><figcaption class=\"wp-caption-text\">Rendering: Courtesy of PACE Loan Group<\/figcaption><\/figure><\/p>\n<p><span style=\"color: #222222;\"><span style=\"font-family: Lato, Helvetica Neue, Arial, Helvetica, sans-serif;\"><span style=\"font-size: medium;\">PACE Loan Group closed a $1.5 million C-PACE Loan on a 475-unit self-storage project under construction in Romulus, Michigan.<\/span><\/span><\/span><\/p>\n<p><span style=\"color: #222222;\"><span style=\"font-family: Lato, Helvetica Neue, Arial, Helvetica, sans-serif;\"><span style=\"font-size: medium;\">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. <\/span><\/span><\/span><\/p>\n<p><span style=\"color: #222222;\"><span style=\"font-family: Lato, Helvetica Neue, Arial, Helvetica, sans-serif;\"><span style=\"font-size: medium;\">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.<\/span><\/span><\/span><\/p>\n<p><span style=\"color: #222222;\"><span style=\"font-family: Lato, Helvetica Neue, Arial, Helvetica, sans-serif;\"><span style=\"font-size: medium;\">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.<\/span><\/span><\/span><\/p>\n<p><span style=\"color: #222222;\"><span style=\"font-family: Lato, Helvetica Neue, Arial, Helvetica, sans-serif;\"><span style=\"font-size: medium;\">The renewable and energy conservation measures are expected to save $57,616 annually in a payback period of 8.5 years.<\/span><\/span><\/span><\/p>\n<p><a href=\"https:\/\/rejournals.com\/pace-loan-group-closes-1-5-million-loan-for-475-unit-self-storage-project-in-romulus\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"text-decoration: underline;\"><strong><span style=\"color: #222222;\"><span style=\"font-family: Lato, Helvetica Neue, Arial, Helvetica, sans-serif;\"><span style=\"font-size: medium;\">Source<\/span><\/span><\/span><\/strong><\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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&hellip;<\/p>\n","protected":false},"author":13,"featured_media":7197,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[4],"tags":[],"gutentor_comment":0,"_links":{"self":[{"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/posts\/7196"}],"collection":[{"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/comments?post=7196"}],"version-history":[{"count":1,"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/posts\/7196\/revisions"}],"predecessor-version":[{"id":7198,"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/posts\/7196\/revisions\/7198"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/media\/7197"}],"wp:attachment":[{"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/media?parent=7196"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/categories?post=7196"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/tags?post=7196"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}