DALLAS, Aug. 23, 2024 (GLOBE NEWSWIRE) — Lone Star PACE, a leading administrator of Texas’ Commercial Property Assessed Clean Energy Program, today announced it helped arrange $16.7M in C-PACE financing for Garages of America, a luxury car storage facility in the Dallas-area suburb of Carrollton.
The 125,000-square-foot facility at 2308 and 2328 Marsh Lane will include 67 luxury garage suites, six flex-office units and a secure indoor parking facility for up to 120 vehicles. It is the second phase of an existing Garages of America development located on the adjacent site.
Financing proceeds will fund the installation of sustainable building components, including energy-efficient windows and walls, LED lighting, HVAC systems and low-flow plumbing.
Lee McCormick, president of Lone Star PACE, said: “We are thrilled to have partnered with Garages of America on this exciting project. In today’s tight debt environment, C-PACE helps round out the capital stack while also ensuring owners don’t have to compromise on quality, which is especially critical for businesses catering to the luxury market.”
C-PACE makes it possible for commercial property owners to obtain low-cost, long-term financing for conservation measures in their projects. Property owners can use C-PACE to finance building retrofits, renovations or new construction.
Established in 2014 by longtime friends and real estate pros Fred Gans and Jack Griffin, Garages of America is the premier community for car collectors. The concept has quickly grown to include several locations in DFW, Houston and Austin. The developers recently tapped Lone Star PACE to administer C-PACE financing for a location in Frisco.
Fred Gans, founder of Garages of America, said: “C-PACE enhanced our capital stack and allowed us to embrace sustainability and innovation within Phase 2 of our Carrollton campus. By leveraging this tool, we can implement cutting-edge technologies that not only reduce our carbon footprint but also elevate the experience for our exclusive clientele. This commitment underscores our dedication to setting new standards in sustainable development within the luxury garage industry.”
About Lone Star PACE
Lone Star PACE serves as a program administrator for city and county Commercial Property Assessed Clean Energy (C-PACE) programs in Texas. We help local governments, economic development corporations, chambers of commerce and trade associations promote business growth and conservation by facilitating C-PACE projects with property owners, PACE lenders, contractors and other stakeholders. Our goal is to promote sustainability and increased property values while positively impacting cash flow and utility savings for property owners.
About Garages of America
Garages of America, formerly Garages of Texas, didn’t set out to make a glorified storage facility. Instead, we wanted to create the ideal atmosphere for motor vehicle owners. Our luxury garage suites are the optimal place for the luxury garage owner’s car and themselves — the perfect place for both man and machine. Luxury garages, otherwise known as “mancaves,” represent the latest concept in commercial real estate. The Garages of America first-class luxury garage condominium unit is one where the customer owns the oversized garage/luxury suite as opposed to renting it. Garages of America allows residents and small business owners to build equity while enjoying the privacy and convenience of their own customizable luxury garage.
Media Contact
Olivia Lueckemeyer
Director of Marketing & Media Relations at Lone Star PACE
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e84af19b-8a66-464c-b50d-f8feefdfd1ea
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