Case Study: CleanFund provides $7.8MM for energy, water and related infrastructure improvements.
The Garland, an 11-story, 82,000 square-foot downtown Los Angeles mixed-use property in the burgeoning Broadway Theater District that is also home to the famous Globe Theatre. “There’s no space quite like The Garland in downtown L.A. with its history and character that will be completely modernized and amenitized,” said Houman Sarshar, Principal at 740 South Broadway Associates.
C-PACE Financing: $7,800,000
Term: 30 years
Funding for: Lighting & Electrical, HVAC, Seismic, Water Conservation, Insulation & Sealing, Elevators
San Francisco-based Presidio Bay and Los Angeles-based 740 South Broadway Associates are repositioning The Garland, located at 740 S. Broadway just blocks from Grand Ave. skyscrapers and condominium developments, to provide 50,000 square-feet of creative office space, a 28,000 square-foot theater/entertainment venue, and 3,200 square-feet of retail. The group needed a cost-effective capital source to complement their existing capital stack.
With $7.8MM in C-PACE financing, CleanFund provided a low cost capital solution for improvements to The Garland including HVAC systems, electrical, elevators, interior daylighting, weather sealing, water system improvements and a seismic retrofit. CleanFund’s financing enabled the project sponsors to implement cost-saving and energy efficient improvements that will maximize sustainability the building.
With CleanFund’s financing taking care of the key energy, water and infrastructure components, construction on The Garland began in late 2018 with anticipated completion by December 2019. The Garland is actively leasing commercial space but the Globe Theatre is fully leased and will be operational during renovation.