First New Construction Project Financed Through RI C-PACE
Through the Infrastructure Bank’s Commercial Property Assessed Clean Energy Program (C-PACE), Churchill & Banks secured a $2 million loan from Twain Financial Partners. The loan will serve as part of a broader capital stack for the construction of a five-story residential apartment complex at 580 South Water Street in Providence (left).

Construction funded with C-PACE financing will incorporate energy efficiency features including LED lighting throughout the building, high-efficiency heating, ventilation, and air conditioning (HVAC) equipment, and improved building envelope features. Over the 20-year financing term, the building is expected to reduce its carbon footprint by 6,373 metric carbon tons, a figure equivalent to the annual energy output of 763 Rhode Island homes. More information on the project can be found  here .
$1.5 Million for Portsmouth Septic System Repairs
Rhode Island Infrastructure Bank has announced a third round of funding for Portsmouth residents to help with septic system repairs and cesspool remediation. The $1.5 million in funding will continue to provide Portsmouth residents access to 0% financing to upgrade septic systems and close cesspools. 

Over the past three years, the Community Septic System Loan Program (CSSLP) has committed $3.6 million to the Town of Portsmouth, with 76 residents receiving low-cost financing. To date, 850 Rhode Island homeowners have utilized the CSSLP program to access affordable financing to upgrade their substandard septic systems and close cesspools.

More information on the program may be found by following this link

DEM Announces $5 Million for Wastewater Resilience Projects In Partnership With RI Infrastructure Bank
The Infrastructure Bank and Rhode Island Department of Environmental Management (DEM) recently announced that $5 million in matching grants is available for wastewater treatment facility resilience projec ts. A Request for Proposals (RFP) is now open, with a deadline of January 30, 2020. Projects funded through this program will protect publicly-own ed wastewater treatment facilities from storm surge, winds, and other natural hazards that are expected to increase in frequency and severity due to climate change. 

“Water quality and the health of our bay and the ocean are critical to Rhode Island’s economy. The resiliency grants will assist wastewater utilities in making critical upgrades that take into account future events such as sea level rise, extreme weather events, and other hazards,” said Infrastructure Bank CEO Jeffrey Diehl. 

For more information or to apply for these grant opportunities, contact Bill Patenaude ( bill.patenaude@dem.ri.gov ).
RI State of the Market
New England Real Estate Journal recently gathered developers, financiers, and industry professionals to discuss Rhode Island’s commercial real estate market. Michael Baer, Managing Director at the Bank, spoke about one of the Bank’s newest financial tools for businesses, C-PACE.

C-PACE financing provides low-interest loans to commercial businesses and property owners for energy efficiency and clean energy generation upgrades, such as HVAC systems, lighting and solar. Through C-PACE, property owners have realized hundreds of thousands of dollars in energy-cost savings, which may then be reinvested in their business.