The Menkiti Group: Annie's ACE Hardware

DC PACE financed a $400,000 project for The Menkiti Group, located at 3401 8th Street NE in the Brookland neighborhood. The project includes an energy-saving retrofit for local, minority-owned real estate developer, The Menkiti Group, on a property originally financed through a U.S. Small Business Administration (SBA) Section 504 loan. Additional capital improvements include interior and exterior LED lighting, envelope enhancements, HVAC upgrades, and installation of low-flow water fixtures.   

“PACE financing solved a serious capital improvement need for our tenant, Annie’s ACE Hardware,” said Bo Menkiti, CEO of Menkiti Group, the firm that developed and owns the property. “PACE enabled us to invest in high-efficiency equipment that will pay for itself out of future energy savings.” Financed by PACE-secured capital from United Bank, these upgrades will save money immediately, providing savings of $585,000 over 20 years. 

This historic PACE project unlocks a new tool to help finance green retrofits for federally assisted small businesses.  In response to growing demand for PACE, the SBA will issue clarifying guidance for working with state and local PACE programs on projects financed through the SBA CDC/504 Loan Program. This guidance will further reduce closing costs and shorten approval times for PACE, and is currently receiving internal review at SBA for public release this summer. 

Full press release here. 

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Urban Ingenuity provides innovative financing and project development solutions to advanced energy projects, building retrofits, and state of the art infrastructure. Whether you’re a building owner, property manager, investor or project developer, Urban Ingenuity can help you cut costs, enhance financial performance, and fund your capital improvement—all while promoting environmental stewardship and increasing the resilience, security, and comfort of your property.