Downtown Hartford Office Building
$8.4 million | 25 Year Term | Central Heating & Cooling Plant
$8.4 Million Hartford’s State House Square Building
The $8.4 million in C-PACE financing by CleanFund enabled State House Square, one of Hartford’s premiere, Class A office buildings, to significantly lower its energy and operating costs. At the time of closing, this was the largest commercial PACE project ever funded as well the first transaction approved after a CMBS issuance.
The respective infrastructure of the building was not efficient, and the owners were paying a significant amount to the local utility for heating and cooling.
CleanFund structured the PACE bond and obtained consent for the assessment from one of the nation’s largest loan services, which was a key ingredient for success.
90% energy savings from new central Heating & Cooling plant, including chillers, natural-gas fired condensing boilers, steam boilers, cooling towers, and a plate-and-frame heat exchanger.