Dallas-area multifamily developers have secured $45.4 million in Commercial Property Assessed Clean Energy (C-PACE) financing for new projects in the fast-growing suburbs of Princeton and Celina.
Blom Capital, based in Denton, received $21.9 million for Ironwood at Princeton, a 306-unit apartment complex located at 599 Princeton Drive. The financing was arranged by Nuveen Green Capital and Lone Star PACE. According to loan documents, Blom plans to use the funds for energy efficiency improvements including upgrades to lighting, HVAC systems, building envelope, and hot water systems.
In Celina, JPI, headquartered in Irving, obtained $23.5 million in C-PACE funding for Jefferson Ownsby—a 436-unit development underway at 317 East Ownsby Parkway. Aquarian Holdings and PACE Equity facilitated this transaction.
Princeton has experienced significant population growth recently; between July 2023 and July 2024 its population increased by more than 30 percent to over 37,000 residents—more than double what it was at the start of the decade according to Census estimates. Celina is also noted for rapid expansion and has previously been named the fastest-growing city in the country.
This population surge has attracted attention from multifamily developers seeking opportunities outside of Dallas-Fort Worth’s broader apartment market, which has faced challenges due to a large influx of new units entering the market simultaneously.
C-PACE financing has gained popularity among developers as institutional lending remains limited. The program allows borrowers to finance up to a quarter of their project’s capital stack through green energy initiatives.
