$1.8 Million to San Francisco Mixed-Use
China Live is a culinary and cultural destination in the heart of San Francisco's Chinatown district. The 644 Broadway building is more than just a mixed-use office / retail space, it features 3 different restaurants offering an unparalleled San Francisco fine dining experience, as well as 3 bars including a rooftop bar and secret bar located on the second floor of China Live.
The building was acquired several years ago by Cypress Properties Group, a Bay Area based real estate developer, who redeveloped it into a modern complex with office, theater, and retail space.
CleanFund provided $1.8 million in C-PACE financing, which replaced more expensive equity commitment and allowed the building owner to undertake a larger scope of work.
In addition to energy savings of 24%, C-PACE also helped the owners solve their “split incentive” issue by sharing the costs and benefits of their investment in energy and water efficiency with tenants.
“Through our experience with CleanFund, we absolutely realized the power of C-PACE — the building has become more valuable not only from a financial point of view but from a tenant’s standpoint. We want our tenants to feel as though they are in a very contemporary and sustainable building. Plus, an energy and water efficient space results in lower energy costs which benefits as a non-profit.”