George Smith Partners successfully arranged $6,700,000 in C-PACE financing, complemented by $14,400,000 in fixed-rate construction debt, to fund a new 53-unit luxury garage condominium project in Frisco, Texas. Spanning over 5 acres in a Dallas suburb, the financing sponsor is Garages of America.

Commercial property-assessed clean energy (CPACE) is a financing structure in which building owners borrow money for energy efficiency, renewable energy, or other projects and make repayments via an assessment on their property tax bill. The financing arrangement then remains with the property even if it is sold.

Garages of America caters to diverse storage needs, offering climate control, power, security, and 24/7 access.

This is the first garage condominium to break ground in Q1 2024. Three others are planned in Tarpley, Rockwall and Garland.

The post Garage Condo Slated for Frisco appeared first on Connect CRE.

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