Page 13 - NBIZ December 2023

The Texas PACE Act celebrates its tenth anniversary a Texas-based bank and an approved lender by the Texas
this year, and while TX-PACE has grown exponentially PACE Authority originated a $5.5MM PACE loan for the
over the last decade, it’s still not a household name. TPA energy and water saving measures of the Clarksville General
knows there is still work to do to get the word out so that Hospital in Red River County in Northeast Texas. The Bank’s
more people can take advantage of this beneficial program. Executive Chairman, Patrick Kennedy Jr. commented:
Whether one is familiar with TX-PACE or if this is your “TransPecos Banks was pleased to participate in this
first-time hearing about it, continue reading to learn more portion of this rural hospital project financing. The Bank
about the progress the organization has made this year has long admired the capability, focus and entrepreneurial
and what’s ahead. attitude of the Texas PACE Authority and its President
Charlene Heydinger and her team. We find the Texas PACE
program easy to navigate for both lender and project
sponsor. We believe this financing structure will continue
to grow in popularity as more project sponsors understand
its overall value and benefits in project finance.”
The Largest TX-PACE Project to Date –
The Monarch Hotel

The PACE of 2023
The City of Houston’s PACE program benefited two
nonprofit properties including the Houston Area Urban
League and the First Unitarian Universalist Church in
2023. The City of Houston PACE program enabled both
organizations to upgrade their buildings without divert-
ing funds from their core missions. The projected savings
from their energy efficiency and water conservation
improvements are expected to exceed the total cost of the
improvements, enabling these nonprofits to access oper-
ational savings without cannibalizing their core mission TPA was proud to facilitate the closing of the largest
capital, so they can focus their resources on serving the TX-PACE project in the state to date in the City of San
people of Houston. Antonio: The Monarch Hotel. Located in downtown San
Antonio's Hemisfair District – the redevelopment of the
Boots on the Ground in Houston – TX-PACE Comes to You 1968 World’s Fair site - the Monarch Hotel by Hilton is
TPA is growing its team and adding boots on the situated on roughly 1.5 acres near the intersection of
ground around the state to enhance outreach and edu- South Alamo and Market Streets. When complete, the
cation efforts with property owners, local governments, ground-up development of this 17-story hotel is slated to
lenders, and service providers. Our newest team member, be the most luxurious in the greater San Antonio area as
Program Liaison Brian Wright, is focused on the greater the city continues its economic revival. Overland Partners
Houston region and the south coast. TPA will be adding Architects designed the property, which will be owned and
regional representatives in DFW and central Texas – with operated by Zachry Hospitality as a Curio Collection by
plans to expand across the state. If you would like to Hilton. Serving as an anchor for the City’s premier urban
learn more about the TX-PACE program or request a park in the heart of downtown, this project will be trans-
speaker for your organization or local government, please formative for San Antonio and the entire region. Construc-
contact Admin@TexasPACEAuthority.org. Tap into our tion is expected to be completed in 2025.
expertise, and we’ll showcase successful Texas PACE The Monarch will be the most energy and water
projects to demonstrate how the program works and how efficient property in downtown San Antonio. Over $48M in
your business or community can benefit. PACE financing will fund key energy efficiency and water
conservation measures including building envelope, light-
TX-PACE Works with Local Banks ing, plumbing and improved HVAC systems. “Zachry’s
TX-PACE benefits from having a robust group of PACE commitment to energy and water efficient design enabled
lenders ready to serve business owners and nonprofits access to creative alternative TX-PACE financing for this
across Texas. Although many of these PACE lenders have hotel development. This project and the other San Antonio
a nation-wide reach, TPA is encouraged by the growing PACE projects total more than $83 million in new energy
interest from local and regional banks. TransPecos Banks, and water saving investment to date. Together, the City’s

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