Historically reserved for the exclusive use by public agencies, the PropertyFit benefit assessment tool is now available to private property owners to finance building improvements that provide a public benefit. This innovative financing structure enables owners of commercial, industrial and multifamily property to obtain long-term financing for energy and water conservation, renewable energy, and seismic resiliency improvements to their properties.
Prosper Portland has closed the first PropertyFit Oregon project using the new (in Oregon) Commercial Property Assessed Clean Energy (CPACE) financing structure, authorized by the state legislature in 2015. The $3.5 million investment helps finance the revitalization of the historic 1911 Vivian Apartments, a vacant 22,500 square foot building off Martin Luther King, Jr. Boulevard, into KEX Portland, a first-of-its-kind social hotel. The project broke ground last fall, developed by Green Light Development in partnership with KEX Iceland and ChefStable, which will manage day-to-day operations of the property’s hotel and restaurant, respectively.