$22.5M C-PACE Financing Secured for High-End Garage Condo Project in Plano
Event summary
- $22.5 million in C-PACE financing closed for Maranello Luxury Garages, a 255,000-square-foot project with 80 garage condos in Plano.
- Total project cost of $73 million, supplemented by $36.2 million from Crestline Management and Patmos Capital Partners.
- C-PACE financing to fund energy- and water-saving upgrades, expected to reduce annual energy use by 28% and water use by 14%.
- Developer Michael Holigan of Holigan Investments leads the project, combining real estate development with automotive enthusiasm.
The big picture
This deal highlights the growing role of C-PACE financing in supporting innovative commercial real estate projects that might otherwise struggle with traditional funding. The $22.5 million financing for Maranello Luxury Garages demonstrates how C-PACE can replace more expensive mezzanine debt or equity, lowering the weighted average cost of capital and enabling developers to build high-performing assets. The project's focus on energy efficiency aligns with broader industry trends toward sustainability in real estate development.
What we're watching
- Market Expansion
- Whether C-PACE financing can sustain momentum in niche commercial real estate projects like luxury garage condos.
- Execution Risk
- The pace at which energy efficiency upgrades are implemented and their impact on long-term asset value.
- Industry Trends
- How similar projects leverage C-PACE to lower the cost of capital for high-end, specialized developments.
Related topics