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Case Studies

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Case Studies

Want to learn more about specific projects and how MCEC was able to help Maryland commercial property owners achieve their sustainability and savings goals? Dive into the MDPACE case studies to see how we have delivered on behalf business owners.

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A modern glass building with a reflective facade, viewed from a low angle. The structure features sharp angles and a clear blue sky in the background

Office/Multifamily: Fidelity Building


CHALLENGE

The 130-year-old Fidelity & Deposit Building, a landmark tower near Baltimore’s Inner Harbor, required major mechanical, plumbing, electrical, roofing, and insulation upgrades as part of its conversion into 231 apartments, 18,000 sq. ft. of retail and office space, and 12,000 sq. ft. of restaurant and community space.

SOLUTION

Nuveen Green Capital partnered with project sponsors to incorporate C-PACE financing into a $65M capital stack, allowing the owners to amortize the loan over 25 years and defer the first payment by capitalizing interest.

Financing Amount: $13,100,000
Loan Term: 25 Years

Key Improvements

  • HVAC Systems
  • Lighting & Electrical Upgrades
  • Plumbing
  • Building Envelope Improvements

RESULTS

The Fidelity & Deposit Building is being transformed into a landmark mixed-use community, with C-PACE financing enabling a lower annual payment structure that supported the viability of this major adaptive reuse project.

A large, modern industrial building with a gray and white exterior. The structure features a flat roof, multiple windows, and a covered entrance. The surrounding area includes a paved parking lot and landscaped greenery. The sky is clear and blue

Industrial Warehouse: Pikesville Self-Storage


CHALLENGE

New owners of a vacant former printing facility in Baltimore County needed to complete a full gut rehabilitation of the industrial warehouse to convert it into a self-storage facility, without taking on the full upfront cost.

SOLUTION

The owners were connected with Greenworks Lending and used C-PACE financing through MDPACE to cover property improvements with no out-of-pocket costs.

Financing Amount: $3,000,000
Loan Term: 20 Years

Key Improvements

  • HVAC Systems
  • Lighting Upgrades
  • Solar PV Installation
  • Elevators
  • Water Conservation Systems
  • Building Envelope Improvements

RESULTS

The former printing facility was successfully transformed into a modern, energy-efficient self-storage and motor vehicle storage facility serving Baltimore County.

A marina filled with various boats and yachts docked at wooden piers, under a bright blue sky with large, fluffy white clouds. The scene captures multiple sailboat masts rising above the water, creating a picturesque waterfront view

Retail: The Finishing Touch


CHALLENGE

The Finishing Touch, a custom frame and print boutique in downtown Chestertown, MD, was operating with HVAC systems and windows dating back to 1978 — inefficient, costly, and overdue for replacement.

SOLUTION

The organization worked with MDPACE to secure C-PACE financing from Greenworks Lending to upgrade and replaceover 1,000 square feet of low R-value glass, improving year-round energy efficiency.

Financing Amount: $134,000
Loan Term: 20 Years

Key Improvements

  • High-Efficiency Windows
  • HVAC System Replacement

RESULTS

The Finishing Touch is projected to save approximately $7,000 in its first year of operation and $300,704 in lifetime energy savings thanks to improvements funding through MDPACE.

A city skyline featuring a mix of modern skyscrapers and waterfront buildings, with boats docked in a harbor. The scene is set under a clear blue sky with a few clouds, and green trees line the waterfront

Religious Institution: Manna Bible Baptist Church


CHALLENGE

Manna Bible Baptist Church needed to replace outdated HVAC systems and inefficient windows to maintain comfortable conditions for its congregation year-round, but required a financing option that minimized upfront costs.

SOLUTION

As the first religious institution to access MDPACE, Manna Bible Baptist Church used C-PACE financing through Greenworks Lending to fund building envelope and HVAC improvements, with repayments amortized over 15 years.

Financing Amount: $180,000
Loan Term: 15 Years

Key Improvements

  • Building Envelope Improvements
  • High-Efficiency HVAC Installation

RESULTS

The completed improvements are projected to avoid nearly $185,000 in utility costs over the life of the loan, while reducing maintenance costs and improving comfort for the congregation.

A cityscape featuring a tall modern building on the left, surrounded by various smaller structures, including commercial and residential buildings. The scene is set under a cloudy sky, with streets and vehicles visible in the foreground

Hospitality: Hampton Inn & Home2Suites


CHALLENGE

The developer of the dual-branded Hampton Inn & Home2 Suites in Towson Row sought National Green Building Standard (NGBS) Silver certification, but sustainability costs added strain to a budget already impacted by COVID-19.

SOLUTION

C-PACE financing through MDPACE, which was provided by Greenworks Lending, allowed the developer to fully fund energy efficiency improvements while maintaining a low cost of capital throughout the project.

Financing Amount: $2,500,000
Loan Term: 20 Years

Key Improvements

  • Packaged Terminal Air Conditioner (PTAC) Units
  • Vertical Terminal Air Conditioner (VTAC) Units

RESULTS

The Hampton Inn & Home2 Suites both achieved sustainability goals, earning NGBS Silver certification and delivering an energy-efficient hotel to the Towson Row development.

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