CounterpointeSRE Closes $4.6 Million in C-PACE Financing for Amped Kitchens as Part of New Markets Tax Credit-Financed Multi-Tenant Commercial Kitchen in North Chicago

CHICAGO, March 26, 2021 /PRNewswire/ -- Counterpointe Sustainable Real Estate (CounterpointeSRE) announced today that it has provided $4.6 million in Commercial Property Assessed Clean Energy (C-PACE) funding in support of completed energy-efficiency work at the recently opened Amped Kitchens Chicago facility on Chicago's Northwest Side in the Belmont-Cragin neighborhood. The funding was provided through the Chicago PACE program.

The $4.6 million of C-PACE funding was applied with the consent of a consortium of New Markets Tax Credit (NMTC) program investors including Local Initiatives Support Corporation, Southside Community Redevelopment Enterprise, FirstPathway Partners, Consortium America, Chicago Community Loan Fund, Blue Hub Capital and PNC Bank.

"The opportunity to provide a significant capital infusion to this project and its development team is valuable in that it both supports the energy-efficiency choices made by the Amped Kitchens and helps keep costs down for those that operate their businesses from this facility," stated Eric Alini, managing partner at CounterpointeSRE. "It's a win for everyone involved because it demonstrates that Chicago PACE and C-PACE nationally sit at the nexus of sustainability and economic development as evidenced by the support of the NMTC investors," Alini continued. 

The PACE financing provided by CounterpointeSRE through the Chicago PACE program is earmarked to energy-efficiency improvements that included new HVAC and LED lighting. The HVAC improvements included upgraded systems such as ventilation that improve air quality for the tenants.

Amped Kitchens Chicago began its work in 2019 to convert a former Zenith television factory into a 113,000-square-foot facility with 64 kitchens for leasing to food manufacturers ranging from mom-and-pop operations to large corporate food manufacturers.

Previous reporting by Mark O'Meara in Novogradac captured sentiment towards the project including that of John Widmer, chief financial officer at FirstPathway Community Development LLC, an NMTC CDE based in Milwaukee.

"This is going to be a catalyst project for the Belmont Cragin area," stated Widmer. "There used to be a lot of manufacturing companies here."

About Counterpointe Sustainable Real Estate:

Counterpointe Sustainable Real Estate (CounterpointeSRE) is a leading commercial real estate finance provider specializing in sustainable infrastructure improvements through PACE financing. For more information on PACE financing or CounterpointeSRE, please visit counterpointesre.com. 

Media Contact:
Adam Moskowitz
[email protected]

Related Images

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Amped Kitchens, 5801 W. Dickens Ave.
Amped Kitchens property owners deployed $4.6 million in C-PACE financing to fund energy-efficient components of the building's gut rehabilitation.

SOURCE Counterpointe Sustainable Real Estate

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https://counterpointesre.com/