After securing $15.5 million in C-PACE financing, Chateau Group has commenced work on a new multifamily residential complex in Monterey Park, Bayview PACE has announced.

The $52-million Whitmore Villas development, which is being built on behalf of project sponsor GreenState Holdings, Inc., will rise from a site at 126 New Avenue. Plans call for the construction of 63 two- and three-bedroom townhome-style dwellings, ranging from 1,195 to 1,522 square feet in size, as well as parking for 166 vehicles.

“Our C-PACE funding participation in this beautiful new multi-family housing illustrates the flexibility and benefits of C-PACE to help projects go forward amid today’s tight credit markets,” said Bayview PACE's Jason Clouet in a statement. “While many housing developments have been stalled by high interest rates, C-PACE fills a gap by offering competitive terms for qualified improvements such as lighting, water systems, building envelope and other components. Whether packaged with sponsor equity, traditional construction loan or interim/bridge financing, it’s an ideal solution.”

126 N New AvenueGoogle Maps

San Marino-based FXA is designing the project, which will include 11 separate two-story buildings in the Spanish Colonial Revival style. Plans show the completed project will feature a network of private streets, paseos, and green spaces.

Construction is expected to occur in two phases, with 23 units in the initial phase expected to be sold as condominiums.

Bayview and Chateau have previously worked on projects including condominiums in Los Angeles and a Le Meridien hotel in Arcadia.

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