MD Energy Advisors, a commercial, utility, and financing energy solutions company, recently secured $2+ million in CPACE financing for Old Dobbin Business Park, a 26-acre facility with four single story office buildings and two 2-story office buildings, sponsored by Goodier Properties and Centennial Medical Group. This is the first project to benefit from CPACE financing in Howard County history.
The $2+ million in CPACE proceeds will be used to replace the HVAC system, to support the repositioning of the property from traditional office space to medical offices to support the surrounding community.
“Adding CPACE to our capital stack allowed us to replace all the RTUs without going out of pocket, which was a critical piece of the puzzle in our medical conversation, said Jon Selfridge, Vice President, Goodier Properties. “Big thanks to MD energy Advisors for helping us get creative to figure that out.”
With more than 9,600 employer establishments in Howard County* there is potential for many property owners to leverage CPACE financing during the initial stages of development as well as retroactive opportunities. To date, 19 of Maryland’s 24 counties allow for CPACE funding**. CPACE is particularly relevant in the current economic climate as the capital is readily available and provides a fixed-rate solution with a high degree of closing certainty. CPACE executions include ground up construction and repositions, energy related capital projects, and retroactive applications.
“Throughout the last few years, we’ve been very fortunate to support multiple projects led by the Goodier team, they are forward-thinking, and this CPACE initiative is yet another nod to the team’s ability to be open to new initiatives in support of the ultimate goal,” said Jason Schwartzberg, Co-Founder and President of MD Energy Advisors. “We are delighted to play a role in the first ever CPACE financing project in Howard County and look forward to advising teams in the area about the benefits of the program.”