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.
Prosper Portland, Multnomah County and Energy Trust of Oregon have partnered to introduce PropertyFit, Oregon’s first Commercial Property Assessed Clean Energy (C-PACE) program. The unique financing tool is available to commercial, industrial, and multi-family property owners in Multnomah County undertaking energy efficiency, renewable energy, water conservation, and seismic retrofit projects.