December 28th, 2020
February 11th, 2021
Conshohocken, PA., February 11, 2020 – On December 23, 2020, a new construction/redevelopment project for a partnership between Keystone Property Group and Concord Hospitality Enterprises Company became the first project approved for Commercial Property Assessed Clean Energy (C-PACE) financing in Montgomery County. Greenworks Lending financed $9,999,740 in energy improvements for Concord Keystone Sora West, LLC ‘s development of a 127-room hotel integrated with a to-be-redeveloped historic fire station. This is the largest project funded so far through the Pennsylvania C-PACE program as well as the first project funded outside Philadelphia County.
“SORA West is redefining the Conshohocken skyline and creating a walkable, transit-oriented, mixed-use gateway to the well-established downtown business district, while reactivating a treasured historic landmark. The C-PACE financing allows us to introduce state-of-the-art technologies and features that will make SORA West a cutting-edge blueprint for blending adaptive reuse with new construction,” said Bill Glazer, CEO of Keystone.
Eligible energy improvements funded through C-PACE for this new construction project include high efficiency lighting, HVAC system, high efficiency elevators, and wall, roof, and attic insulation. Annually, these measures will save an estimated 350,000 kWh of electrical energy, 74.2 kW of electrical demand, and 4,900 therms of natural gas, resulting in an annual estimated energy cost savings of nearly $27,000. Energy savings for each improvement range from 7% to 61% better than current building code. Construction for this project is expected to be completed in 2022.
“We’re thrilled to be working with Keystone Property Group and Concord Hospitality to be funding the first C-PACE project in the statewide Pennsylvania program,” said Genevieve Sherman, Head of New Markets and New Products for Greenworks Lending. “The SORA West is a great example of how C-PACE financing is supporting energy efficient adaptive reuse of historic buildings as well as high performance new buildings. We look forward to supporting more projects in the greater Philadelphia region and throughout the state.”
For information on Pennsylvania C-PACE, visit https://www.pennsylvaniacpace.org.
About Sustainable Energy Fund
Sustainable Energy Fund (SEF), a nonprofit organization, assists energy users in overcoming financial, educational and regulatory barriers to a sustainable energy future. SEF provides a variety of services including financing energy conservation, energy efficiency and renewable energy projects; educating the leaders of today and tomorrow to create a passion for sustainable energy; and representing the interests of energy conservation, energy efficiency and renewable energy in proceedings before the Pennsylvania Public Utility Commission. Visit www.thesef.org.
About Greenworks Lending
Greenworks Lending is the largest provider of Commercial Property Assessed Clean Energy (C-PACE) financing in the country. Led by several of the industry’s founding policy developers and standard-setters, Greenworks Lending is a private capital provider uniquely dedicated to funding commercial real estate through C-PACE. Greenworks has provided financing to hundreds of commercial properties and is active in 25 states. Greenworks Lending’s C-PACE financing makes clean energy a smart financial decision for commercial property owners. For more information, visit greenworkslending.com.
About Keystone Property Group
Keystone is an award-winning, vertically integrated commercial real estate development and investment company with $2.1 billion in assets. It delivers value for investors and tenants by creating mixed-use developments that revitalize neighborhoods, empower people, and drive productivity and collaboration. Headquartered in Conshohocken, Pa., its portfolio of iconic projects attracting world-class companies totals 10 million square feet, with 2 million square feet under development, and spans thriving urban and suburban locations along the East Coast. Keystone has offices in Philadelphia, New Jersey, and Miami, Fla. For more information, please visit www.keystonepropertygroup.com.
About Concord Hospitality Enterprises Company
As an award-winning hotel development and management company, Concord Hospitality Enterprises Company has spent the last three decades successfully growing the company’s portfolio, which includes premium-branded properties across the United States and Canada. Its modern lifestyle holdings embody the next generation of boutique hotels, distinctive restaurants, stylish bar concepts, and award-winning rooftops. Each venue has a story to tell. Concord’s commitment to sourcing local, authentic products ensures that each property is infused with the vibe and energy of its geographical location. The company believes that its people are its greatest strength. With the brightest talent, the most innovative processes, and a commitment to giving back to the communities where associates live and work, Concord Hospitality is committed to being a great place to work for all. Learn more at concordhotels.com.