PLANO, Texas, July 13, 2026 (GLOBE NEWSWIRE) -- PACE Loan Group (PLG), a leading provider of Commercial Property Assessed Clean Energy (C-PACE) financing, and Lone Star PACE, the foremost administrator of the Texas PACE Program, today announced the closing of $22.5 million in C-PACE financing for Maranello Luxury Garages, a high-end garage condominium development planned for the northeast corner of Mapleshade Lane and Ohio Drive in Plano.
The $73 million project was supplemented by $36.2 million from Crestline Management, L.P., an alternative investment manager specializing in private credit strategies, and Patmos Capital Partners, an alternative investment firm focused on credit, private equity, and real estate.
The 255,000-square-foot project, led by developer Michael Holigan of Holigan Investments, will consist of a two-story building comprising 80 individual luxury garage condominiums. Designed for high-end automotive enthusiasts and collectors, each unit opens to a climate-controlled drive aisle that provides unit owners with direct access to the building and the open-air concourse courtyard, creating an elevated automotive showroom experience. Additional amenities include 7,000 square feet of office space and a 28,000-square-foot retail and auto shop.
This is the first luxury garage for developer Holigan, but it combines his career in real estate development and his many years as an owner and sponsor of race teams in NASCAR and AMA Supercross/Motocross.
“Since this was the first-of-its-kind project, our development team wanted to bring down the cost of capital to ensure success,” he said. “We’re pleased with how well this financing package met our needs and happy with how smooth the process was.”
C-PACE financing will enable the project sponsor to incorporate high-impact energy- and water-saving upgrades, including improvements to the building envelope, interior and exterior lighting, HVAC, and low-flow plumbing fixtures. The improvements are expected to reduce annual energy use by 28% and water use by 14%, significantly lowering utility costs and enhancing the asset’s long-term value.
Robbie Pinkas, senior vice president at PACE Loan Group, originated the loan, his second unique parking facility.
“For this project and many others that fit in that ‘other’ category of projects, C-PACE continues to be a useful way to get unique projects across the finish line,” he said. “As lenders, we're very excited about the strong interest that led to robust sales and quick construction timeline.”
C-PACE is a state-enabled financing mechanism that allows property owners to access low-cost, long-term, fixed-rate financing for energy efficiency, water conservation, and renewable energy improvements.
For new construction projects in Texas like Maranello Garages, C-PACE can be used to fund up to 35% of the capital stack, replacing more expensive mezzanine debt or equity. This lowers the weighted average cost of capital and allows developers to build a more high-performing asset, said Lee McCormick, president of Lone Star PACE.
“C-PACE continues to play a critical role in helping innovative developments move forward with best-in-class efficiency measures that might otherwise be value-engineered out,” he said. “We’re proud to work alongside PACE Loan Group to bring long-term, fixed-rate C-PACE financing to Plano and support a standout project that will deliver meaningful reductions in energy and water use over time.”
Other project partners include Peinado Construction, which specializes in industrial, manufacturing, distribution centers, medical centers and data centers in Dallas, San Antonio and Houston. The architect for the project is Downs Design Solutions, a Dallas-based firm.
About PACE Loan Group
PACE Loan Group (PLG) is a national leader in the C-PACE marketplace, providing direct C-PACE financing to commercial property owners. PLG benefits from institutional support with capital from funds managed by AB CarVal, a part of Alliance Bernstein. The PLG team provides expertise up and down the capital stack, from origination and underwriting to loan servicing. To learn more about PLG, visit www.paceloangroup.com.
About Lone Star PACE
Lone Star PACE serves as a program administrator for city and county Commercial Property Assessed Clean Energy (C-PACE) programs in Texas. LSP helps local governments, economic development corporations, chambers of commerce and trade associations promote economic development and resource conservation by facilitating C-PACE projects alongside property owners, C-PACE capital providers, contractors and other stakeholders. The company's goal is to promote sustainability as well as increased property values while positively impacting cash flow and utility savings. For more information, visit www.lonestarpace.com.
Media Contacts
Martha Nevanen
Chief Marketing & Communications Officer at PACE Loan Group
martha@paceloangroup.com
651-492-5861
Olivia Lueckemeyer
Director of Marketing & Media Relations at Lone Star PACE
Olivia@LoneStarPACE.com
970-497-6667
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/dcf1dcd2-3d5f-4312-8059-0578777a5018
