New Pasadena Condo Project Picks Up $5 Million in Green Financing

A new 19-unit condominium project in Pasadena’s Playhouse District has secured $5 million in financing from a program that supports energy-efficient and resilient building improvements.

Bayview PACE, a lender based in Coral Gables, Florida, announced Wednesday that it will provide Commercial Property-Assessed Clean Energy (C-PACE) financing for the project, located at 150 S. Oak Knoll Ave. in Pasadena. 

C-PACE financing offers favorable and cost-effective terms for qualified improvements in energy, lighting, water systems, building envelope and other resiliency components, and it can be applied to new construction as well as renovations, Bayview said,

The planned building is a project of real estate development company Nor Brand III LLC.

The project is envisioned as including 11 one-bedroom units and eight two-bedroom units, with private roof-top patios for the penthouse units. It will also have 32 parking spaces. Construction is expected to begin soon and will be completed by late 2024.

“We’re pleased to have closed this transaction using C-PACE to help fund this great project in Pasadena for a fantastic sponsorship group,” Jason Clouet, Bayview PACE Vice President, said in a statement. “C-PACE offers unusual flexibility and beneficial terms for qualified improvements in energy, lighting, water systems, building envelope and other resiliency components. Packaged with construction or bridge financing, it’s an ideal solution.”

First General Bank is the lead mortgage lender for the project, the statement said.

 Construction is by MSB Constructors Inc., and the architect is ONYX, both based in Pasadena.