Brookfield's Hew Hilton Garden Inn Granted $1.6 Million in PACE Financing

Efficiency improvements will slash operating costs for years to come
October 25, 2018

Brookfield’s new Hilton Garden Inn development is the latest Wisconsin business to benefit from Commercial Property Assessed Clean Energy (C-PACE) financing. Available through the PACE Wisconsin program—which is now active in 34 counties across the state—C-PACE financing helps commercial property owners obtain low-cost, long-term financing for energy efficiency, renewable energy, and water conservation improvements.

Brookfield Square Lodging Investors, LLC incorporated $1.6 million in C-PACE financing into the overall project cost of the 98,000 square foot hotel. The funds will cover installation of energy-efficient measures such as: LED lighting; insulation; high-efficiency windows, pool components, packaged terminal air conditioners (PTACs), and rooftop units (RTUs); efficient water heating; and low-flow water fixtures. Over the life of these energy efficiency improvements (approximately 20 years), the building owner will capture over $2.4 million in energy savings.

Baker Tilly Capital arranged the C-PACE financing component of the capital stack that was ultimately funded by McFarland State Bank, based in McFarland, Wisconsin. “Baker Tilly's clients are utilizing PACE financing to deliver energy efficient projects because it reduces the amount of equity that they need to invest and improves their returns,” shared Brad Elmer, Managing Director, Baker Tilly Capital.

PACE Wisconsin launched in December 2016 after three years of planning and development spearheaded by a group of forward-thinking Wisconsin organizations committed to sustainable reinvestment in our local communities. “C-PACE financing not only stimulates building owners’ investment in clean energy upgrades, it spurs economic development that benefits the state as a whole,” said Jason Stringer, Program Administrator for PACE Wisconsin.

This is the first C-PACE project for Waukesha County, which adopted PACE Wisconsin in August 2018. A total of 34 counties currently participate in the program, and more continue to join as communities recognize the opportunity to make advantaged investments in commercial energy efficiency improvements. PACE Wisconsin is administered by Energy Finance Solutions (EFS), the financial services division of Wisconsin-based nonprofit WECC.