TAYLOR, Mich. — Bayview PACE has provided $4.3 million in commercial property-assessed clean energy (C-PACE) financing for the 81-unit Hampton Manor of Taylor seniors housing community, located about 17 miles southwest of Detroit. The sponsor was Build Senior Living, the development arm of Hampton Manor Assisted Living.
The 81-unit Hampton Manor of Taylor is situated on a six-acre landscaped site that includes 60 parking spaces. Licensed for 102 beds, Hampton Manor-Taylor features 65 assisted living units and 16 memory-care units with extra capacity for second persons and/or additional companion units.
The $4.3 million in C-PACE funds provided by Bayview PACE are part of a refinancing of the property, which opened in 2023 and is substantially leased. C-PACE financing allows building owners and developers to access the capital needed to make energy-related deferred maintenance upgrades to their existing buildings, support new construction costs and make renewable energy accessible and cost-effective.
“The use of C-PACE continues to be in high demand for seniors housing development across the United States in response to tight capital markets and the dynamic interest rate environment,” says Anne Hill, senior vice president of Bayview PACE, headquartered in Coral Gables, Fla.
“Many seniors housing sponsors are unfamiliar with the great flexibility that C-PACE offers and are recognizing that it can play an important, complementary role in the capital stack — and in many cases is a linchpin to get stalled projects moving,” adds Hill.
Nationally, C-PACE financings to date have surpassed $7 billion, according to PACENation, the nonprofit association that advocates for PACE financing. More than 39 states and the District of Columbia have passed legislation enabling C-Pace financing.
Woodhaven, Mich.-based Build Senior Living, the development arm of Hampton Manor, is an assisted living and memory care operator. Since its inception in 2011, Build Senior Living has developed 21 communities totaling 1,634 units.
Hampton Manor currently operates 15 communities across five states totaling 1,305 units.