Hatchery Road Apartments
Trademark Building Co. Inc., a Waterford Township-based developer and property management company, was the first to use C-PACE financing in Waterford Township at the Hatchery Road Apartments. While the project – an energy saving retrofit – is relatively modest in terms of dollars, requiring approximately $124K in financing, it is a transformative opportunity for the small, multi-family apartment building. Nuveen Green Capital’s C-PACE financing provided long-term low-cost capital for a wide range of efficiency improvements, including new furnaces and a new air conditioning system, interior and exterior LED lighting and water conservation measures including efficient toilets and shower heads.
The Hatchery Road Apartments are an eight-unit, 9,100 SF multifamily property located in Waterford Township, Michigan. Originally built in 1980 and purchased in 2017, the ageing building was fully occupied with several long-term tenants, but operationally the energy infrastructure was nearing its end of life. The new owner, reinvested in the property with C-PACE financing to cover the measures mentioned above.
Trademark Building Co. Inc, owned and operated by the property owner served as contractor for the energy retrofit as well as general property improvements.
Tony McGukin, Principal of Trademark stated, “This program allowed me to update the building, give the tenants a better life, lower utility bills, and reduce our impact on the environment. We’ve changed the culture of the building for the residents by making these improvements.”