Twain Financial Reaches New Milestone with First-Ever Rhode Island PACE Deal 

November 26, 2019

Twain Financial Partners has expanded its reach by providing $2 million of financing to the first Property Assessed Clean Energy (PACE) loan on a new construction project in Rhode Island’s history.

The project, currently a vacant lot located at 580 South Water Street in Providence, will be transformed into a newly-constructed five-story apartment complex with one and two-bedroom units. Construction is expected to complete around March 2021.

“Twain Financial is thrilled to be a part of the first ever C-PACE new construction project in Rhode Island,” said Kate Hangge, Business Development Officer at Twain Financial. “Bringing PACE to a new state creates an opportunity for additional developers to see the positive impact these projects will have on their communities.”

Churchill and Banks will serve as the project developer and manager. Churchill and Banks is a privately held corporation engaged in the acquisition, development, construction and management of office, industrial, retail and residential properties in New England and North Carolina.

Twain provided financing for comprehensive energy enhancements through Rhode Island Infrastructure Bank’s (RIIB) Rhode Island C-PACE program. This type of lending enables owners of commercial and industrial buildings to finance up to 100 percent of eligible energy efficiency, renewable energy, water conservation and environmental health and safety improvements.

“C-PACE has saved Rhode Island businesses, non-profits and developers over $10 million in energy costs,” said Jeffrey R. Diehl, CEO of RIIB. “The efficiency features at 580 South Water Street will provide residents with a high quality of living and lessen their impact on the environment.”

Learn more about PACE financing.