Project Overview
The Met Philadelphia’s ownership closed on Pennsylvania’s first C-PACE retroactive financing project in November 2020. EB Realty Management borrowed $6 million in C-PACE funds to pay for extensive energy-efficiency upgrades completed during substantial renovation of North Broad Street’s iconic event venue.
The 133,000-square-foot former Philadelphia Metropolitan Opera House is listed on the National Register of Historic Places. A comprehensive $56 million renovation turned the circa-1908 building into a modern live-entertainment theater at 858 N. Broad Street. The Met’s revival is celebrated as a major triumph in historic preservation and adaptive reuse.
$6 million
$47,600
Annual energy savings
270 Mt
Annual avoided carbon emissions
Challenges
Less than two years after reopening in December 2018, the COVID-19 pandemic created financial headwinds for the venue’s owners. Lockdowns and public health restrictions unexpectedly eliminated event revenue. Prolonged shutdowns added to the financial strain.
Solution
PEA, Enhanced Pace Finance LLC, and Holy Ghost I, LP (EB Realty Management) closed on $6 million of C-PACE financing to provide an injection of low-cost, long-term capital. Retroactive C-PACE financing allowed the building’s owners to recapitalize recent energy efficiency improvements, strengthening the building’s capital stack and providing liquidity during a challenging economic period.
Eligible building improvements included:
- Replacement windows
- Roof insulation
- High-efficiency HVAC system
- LED lighting
- High-efficiency elevators