Boston – MassDevelopment has announced that Cargo Ventures LLC will receive $787,523 in financing for energy improvements to its office building at 440 William M. McClellan Highway in East Boston under the agency’s new Property Assessed Clean Energy (PACE) Massachusetts program.
Built in 1975, 440 William M. McClellan Highway is a 121,000sf mixed-use warehouse building. Some of the 13 tenants currently occupying the facility include JetBlue Airways Corp., Starbucks, ABM Industries, and Panasonic.
Through the program, capital provider Greenworks Lending from Nuveen will provide financing for a range of energy upgrades that were installed to the building, including a new roof and LED lighting, as well as upgrades to the building’s HVAC system that will be installed in the coming months. This financing will be repaid via a betterment assessment on the property. This is the second project Greenworks Lending from Nuveen is financing under PACE Massachusetts.
Launched in July 2020, PACE Massachusetts is a new long-term option for financing energy improvements to commercial and industrial buildings, multifamily properties with five-plus units, and buildings owned by nonprofits. The program enables commercial property owners to fund energy efficiency and renewable energy projects by agreeing to a betterment assessment on their property, which repays the financing.
