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June 17, 2024
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Monterey Park Res Development Secures $15.5 Mil in C-PACE Financing


Whitmore Villa, a $52 mil multi-family housing development in the San Gabriel Valley city of Monterey Park, has received $15.5 mil in C-PACE financing. The project is being developed by Chateau Group on behalf of project sponsor GreenState Holdings, Inc.

Whitmore Villa, located at 126 New Ave, will include 63 two-story units in two construction phases. According to the development team, the 23 units in Phase 1 will potentially be sold as condos.

Along with highest-quality design and construction, Whitmore Villa will feature generous layouts including three-bedroom homes ranging from 1.3k sf of space to 1.5k sf, and two-bedrooms ranging from 1.2k sf to 1.4k sf. The new community will include a dog park, dedicated space for bike storage and maintenance, and subterranean garages with a total of 166 parking spaces.

“Our C-PACE funding participation in this beautiful new multi-family housing illustrates the flexibility and benefits of C-PACE to help projects go forward amid today’s tight credit markets,” said Jason Clouet of Bayview PACE, the provider of the financing. “While many housing developments have been stalled by high interest rates, C-PACE fills a gap by offering competitive terms for qualified improvements such as lighting, water systems, building envelope and other components. Whether packaged with sponsor equity, traditional construction loan or interim/bridge financing, it’s an ideal solution.”

Bayview has worked with Chateau Group on several prior projects including the 33-unit Irolo Heights condominium development in Los Angeles and the Le Meridian Arcadia, a full-service hotel with 232 guest rooms, event space, a fitness center, a swimming pool and European-Asian fusion restaurant, Mélange.

Commercial Property-Assessed Clean Energy financing (C-PACE) offers favorable and cost-effective terms and can be applied to new construction as well as renovations. C-PACE funding is versatile and applicable across all commercial property types, for both new and recently completed properties depending on the local state C-PACE program, according to Bayview.

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