Program Overview
PropertyFit is not your traditional loan. It is an innovative financing tool in Multnomah County that unlocks building performance and cost savings in commercial, industrial and multifamily (5+ units) properties. PropertyFit can support projects in existing buildings, new construction, and major renovation—transforming what was once a capital expenditure into an investment in improved performance. Many PropertyFit projects are cash flow positive from day one. The unique elements of PropertyFit include:
Targeted: Specifically designed to fund building investments that are often misunderstood by traditional financing and “value-engineered out” through building design and construction.
Accessible: Up to 100% financing, with no out-of-pocket costs or personal guarantee, and personalized support to make your project a success.
Competitive: Long-term financing that is competitively priced, fully amortized, and repaid through assessments that cannot accelerate.
Transferable: Secured by a benefit assessment lien which automatically transfers to the new owner upon sale of the property, improving liquidity.
Strategic: Turns an expense into an investment, often generating immediate cashflows, increasing the market appeal of a property, and accelerating progress toward business and environmental goals.
For the first time, property owners have a financing tool designed to fit their specific need—whether it is replacing failed equipment or a larger building renovation. PropertyFit’s structure addresses the principal barriers to investment in improved building performance.
Availability
Multnomah County, Oregon
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.
Visit PACENation to learn more
about CPACE.
Program Flyer
Premier Gear Seismic Upgrade
Sturgeon Development Partners used PropertyFit financing to implement a seismic retrofit as part of the adaptive reuse project on the Premier Gear Building.
KEX Hostel Energy and Seismic Upgrade
Green Light Development used PropertyFit commercial property assessed clean energy (CPACE) financing to implement energy efficiency and seismic improvements on the KEX Hostel Project.
Neil Kelly Building Energy and Seismic Makeover
Neil Kelly Company used PropertyFit commercial property assessed clean energy (CPACE) financing to implement a multitude of energy, water, and seismic improvements to its Portland, OR design center. The project solved existing structural issues and significantly reduced energy and water demand.
PAE Living Building
Gerding Edlen used PropertyFit commercial PACE financing to complete the project capital stack for Portland’s first Living Building, one of the most ambitious green building certifications available. The mixed-use building—consisting of class A office and retail space—generates more energy and water than it consumes and is designed to be the largest commercial Living Building in the world.
10-Minute Program Overview
PropertyFit developed this short webinar to further discuss how the program works.
Expanding Portland’s CPACE Market
In this webinar (hosted Wednesday, October 7, 2020) we discuss the program in more detail and highlight how PACE can change the makeup of your capital stack to significantly reduce your overall cost of funds. Several of the firms involved in the program’s initial projects, including First Interstate Bank, Gerding Edlen, PACE Loan Group, and Sturgeon Development Partners, share their experiences in using PropertyFit to achieve improved building performance.
The Partnership
PropertyFit is a collaboration between Prosper Portland, 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.
Prosper Portland
Program Administrator
Multnomah County
Tax Assessor
Energy Trust of Oregon
Technical Provider
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.