PropertyFit is not your traditional loan. It is an innovative financing tool that unlocks savings in commercial, industrial and multifamily (5+ units) buildings—transforming what was once a capital expenditure into a cash flow positive investment in improved building performance. Available for both new construction and existing buildings, PropertyFit can be used to finance clean energy, renewable energy, water conservation and seismic resiliency improvements (Building Resiliency Improvements). The unique elements of PropertyFit include:
- Up to 100% financing = no out-of-pocket costs
- Competitively priced, long term, fully amortized financing
- No personal guarantees
- Secured by a benefit assessment which automatically transfers upon sale
- Repaid in annual assessments which cannot accelerate
- May substitute for higher cost mezzanine debt in new construction projects
For the first time, property owners have a financing tool designed to fit their specific need—whether it is replacing failed equipment or larger building renovation. PropertyFit’s structure addresses the principal barriers to investment in improved building performance. It offers property owners up-front financing for up to 100 percent of the cost of eligible improvements and is secured by a benefit assessment lien that is repaid in annual assessment payments. The maximum term is set at the average weighted useful life of the building resiliency improvements. The cost savings that result from the improvements may cover all or a portion of the benefit assessment payment.
PropertyFit is based on the Commercial Property Assessed Clean Energy (CPACE) financing tool that is being used by cities and states across the U.S. to enable building owners to finance energy efficiency, renewable energy improvements, water conservation, and seismic resiliency improvements.
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Click here to view a library of CPACE case studies.
PropertyFit is a collaboration between Prosper Portland (formerly the Portland Development Commission), Multnomah County, and Energy Trust of Oregon to support a variety of carbon reduction, water conservation, redevelopment and economic development goals. It was created to help property owners to invest in energy efficiency, renewable energy, water conservation and seismic resiliency projects in Multnomah County. Together, these organizations leverage public and private resources to remove capital barriers and make building resiliency improvements accessible to small, medium, and large-scale property owners.
Social Equity Commitment
PropertyFit has a strong commitment to advancing social equity by increasing economic opportunity for historically disadvantaged populations and creating equitable access to living wage jobs and wealth creation opportunities. We seek to support a marketplace that is inclusive and supportive of certified disadvantaged, minority and women (DMW) owned firms’ participation in the energy efficiency, renewable energy, water conservation and seismic retrofit industries.
One of our goals is to support the growth and diversity of the Portland region’s design, engineering, and construction sectors by encouraging long-term business-to-business relationships between majority and DMW-owned firms. We expect this work will also result in more equitable workforce development opportunities. We are seeking property owners, contractors and capital providers that share these values and will commit to participating in activities designed to further their end.