Exchange

16-story new construction project in Detroit’s Greektown district

With an overall development value of $64 million and $13 million in PACE financing, Exchange will make for an impressive energy- and water-efficient new construction PACE project. Once completed in 2022, Exchange will add a state-of-the-art mixed use (commercial + multifamily) building to the Greektown neighborhood. Mark J. Bennett of MJBennett PLLC, strategized the use of PACE financing on behalf of Exchange as a critical element of its capital stack. Mark commented, “I was delighted to bring my PACE experience to Exchange enabling it to become an important part of the City’s continued redevelopment.” Mark’s experience with PACE began in 2010 while an attorney at Miller Canfield and leader of its Climate Change Practice where he participated in creating Michigan’s PACE enabling legislation. Thereafter, he co-founded Sustainable Real Estate Solutions, a national PACE building energy benchmarking and underwriting technology platform. “We are pleased to see that Wayne County continues to exhibit some of the largest PACE projects in the state,” said Wayne County Executive, Warren C. Evans. “Exchange shows that PACE is a game-changing economic development tool for the County’s real estate market.”