Oaktree Capital Management has successfully obtained $240 million in C-PACE financing for the renovation of a 48-story office tower in Downtown Los Angeles. The financing will support essential sustainability upgrades to the building's HVAC systems, plumbing, lighting, and exteriors. Notably, this financing type, provided retroactively by PACE Loan Group, allows property owners to make energy-efficient improvements funded through property tax assessments, rather than traditional loans. The office tower, previously acquired in a foreclosure auction, is one of Los Angeles’ tallest buildings and has notable anchor tenants including the SEC and Morgan Stanley.
C-PACE financing allows building owners to borrow at low rates to make efficient energy upgrades, paid back over time through property tax assessments.
Oaktree Capital Management secured $240 million in C-PACE financing to renovate a 48-story Los Angeles office tower, addressing prior sustainability upgrades.
#c-pace-financing #oaktree-capital-management #energy-efficiency #sustainability #los-angeles-real-estate
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