Mayor Dickens, Invest Atlanta and Ygrene Announce Completion of Major Green Building Project
ATLANTA, GA - Today, Atlanta Mayor Andre Dickens, along with Invest Atlanta, and Ygrene, one of the nation’s leading property improvement financing providers, announced the completion of a major green construction project at Pullman Yards, undertaken as part of a partnership between Ygrene and Invest Atlanta.
“Working with Invest Atlanta, Ygrene helped the owners of Pullman Yards secure nearly $4 million in retroactive financing for the construction of a new, energy efficient roof and insulation for one of the buildings on the historic property. With Ygrene’s extended terms and fixed-rate financing property owners can preserve capital and reduce long-term costs,” said Atlanta Mayor Andre Dickens to those in attendance. “In partnership with Invest Atlanta, the City authorized up to $500 million in bonds to finance commercial property improvements through the Ygrene program. Five years ago, the City approved the creation of this commercial PACE program that included a public and private partnership agreement with Ygrene Energy Fund. The City’s program provides financing for energy-efficiency, and renewable energy building improvements — since the cheapest energy is not wasting energy, and this program also helps move Atlanta forward toward its ‘100% clean energy goals’ by the year 2035.”
Working with Invest Atlanta, Ygrene helped the owners of Pullman Yards secure $3.8 million in retroactive financing for a new roof and insulation for one of the buildings on the historic property. This financing allowed the owners, Maureen Muelen and Adam Rosenfelt of Atomic Entertainment, to recoup their costs for reinvestment in future upgrades, including energy-efficient plumbing, heating and air conditioning, electrical systems, LED lighting, and windows and doors.
“We are thrilled to partner with the City of Atlanta on this important project and help cement Atlanta as a cultural and economic hub for years to come,” said Ygrene CEO Jim Reinhart. “The success of the Pullman Yards renovation and the vitality you see here today is a clear demonstration of the value and flexibility of the Ygrene program for commercial property owners. Working with our exceptional partners at Invest Atlanta, we will continue to build on this collaboration and help more property owners lighten the financial burden of revitalizing their buildings while making strides toward a cleaner, greener future for Atlanta.”
“The opportunity to retroactively finance nearly $4 million in construction costs has made it possible for us to reinvest even more in our local community and to further develop Pullman Yards as a cultural asset and economic driver for Atlanta,” said Maureen Muelen, owner of Pullman Yards. “This partnership between Invest Atlanta and Ygrene is a game-changer for commercial property owners like us and is an incredible opportunity for every business in Atlanta to do their part to help the city meet its climate and energy goals.”
“This project is a prime example of how public-private partnerships like ours continue to grow and support our local economy, while building responsibly and helping our city reach its climate and economic mobility goals,” said Dr. Eloisa Klementich, president and CEO of Invest Atlanta. “With the partnership, we have another economic development tool to not only make buildings more efficient but also to increase affordable housing and support small business development while creating good, sustainable jobs in a growing industry.”
Through the Ygrene program in Atlanta, commercial property owners can access smart capital to finance – or retroactively finance – hundreds of energy efficiency, renewable energy, and water conservation upgrades, such as solar and battery storage, energy-efficient roofing, windows and doors, and more. Ygrene provides flexibility and quick approvals, with up to 95% non-recourse financing, and extended terms of up to 20 years.
The launch of the Ygrene program is part of a broader push by Atlanta to lead on climate action and was supported by the Bloomberg Philanthropies American Cities Climate Challenge. Atlanta is one of the 25 winning cities in the Climate Challenge, which is helping cities set and surpass ambitious climate goals by ramping up action in the two highest-emitting sectors in cities: transportation and buildings.
To learn more about Atlanta’s C-PACE program, visit www.investatlanta.com/pace.
Ygrene's award-winning property improvement financing, with built-in consumer protections, is delivering greater choice for home and business owners by providing access to affordable financing for energy efficiency, renewable energy, water conservation, storm protection, and seismic upgrades. In addition, Ygrene financing has proven to be a successful tool for supporting public policy initiatives -- at no cost to local government. By providing $2.7 billion of private capital to more than 550 local communities, Ygrene funded projects have created an estimated 53,000 job years and invested millions into local economies across the U.S. Learn more at ygrene.com.
ABOUT INVEST ATLANTA
Invest Atlanta is the official economic development authority for the City of Atlanta and works to strengthen Atlanta’s economy and global competitiveness in order to create increased opportunity and prosperity for all of Atlanta. Chaired by the Mayor of Atlanta and governed by a nine-member board of directors, Invest Atlanta’s programs and initiatives focus on developing and fostering public/private partnerships to create jobs, grow the economy, revitalize neighborhoods, attract investment, spur innovation and encourage entrepreneurship. To achieve these goals, Invest Atlanta leverages the benefits of bond financing, revolving loan funds, housing financing, tax increment financing and tax credits.