Historic Butler Brothers Building
$24MM in CleanFund C-PACE to Retrofit and Reposition the Historic Mixed-Use / Multifamily Butler Brothers Building
Originally constructed in 1910, the nine-story, 510,000 square-foot Butler Brothers Building had long sat empty across from City Hall. The new Fairfield Inn/Town Home Suites by Marriott, plus retail and office space, is expected to spur additional revitalization in the area.
Reimbursing project costs for the transformation of a century-old Dallas office building into a 238-unit multifamily community and a 274-key, dual-branded Marriott hotel.
C-PACE financing replaced much higher-cost mezzanine financing, significantly reducing the debt service requirements, increasing project returns and helped to optimize a complicated capital stack, which included EB-5 debt and historic tax credits.
Lower utility costs with the project’s investment in efficiency make the luxury apartments appealing to tenants with an annual projected savings of $2 million.
"C-PACE allowed us to increase the building’s energy-efficiency, enabling the development to likely attract even more interest, as today's residents and tenants look for high-efficiency and low maintenance costs for their apartments and businesses, and hotel guests want to stay in buildings that are sustainable."