Property-Assessed Clean Energy financing (also known as PACE) continues to be a reliable source of capital for buildings in need of energy-savings updates and renovation. A great example is our client Bridgeway Academy and Therapy Center, a nonprofit dedicated to educating and supporting children and young adults with autism and other developmental disabilities.
Located at 1350 Alum Creek Drive, the project site consists of a 120,651-square-foot, one-story standalone building originally constructed in 1971. Bridgeway Academy acquired the property from DeVry University’s parent company in 2019 and began renovations in 2020–2021. Prior to 2019 Bridgeway leased two spaces from Columbus city schools.
Bridgeway used our PACE loan for a series of building improvements to enhance overall building performance. The project included the replacement of functionally obsolete equipment with significantly higher energy-efficient equipment totaling approximately $2,300,000, primarily consisting of LED lighting and HVAC.
“The funding provided by the Finance Authority was absolutely instrumental in allowing Bridgeway to move forward with this project,” says Abby David, Bridgeway Academy Co-Founder and CEO. “The new LED lighting creates a significantly improved learning environment, especially for those with autism and other learning disabilities. And the upgraded HVAC system enhances energy efficiency and ensures year-round comfort throughout the building—from the hottest summer days to the coldest winter months.”
Collaboration in Action
To support the project, the Finance Authority provided a direct energy loan of approximately $1,700,000, secured by special assessments levied on the real property parcel. In addition, the City of Columbus contributed approximately $575,000 through a Community Development Block Grant to further support the school’s renovation efforts. The improvements were completed this summer.
“I first learned about Bridgeway from a Bridgeway Board member trying to help leadership identify capital for much-needed improvements,” says Finance Authority President Patty Huddle. “Just based on the age of the building, I knew it was a great candidate for PACE financing.” Huddle says it’s common in older buildings to find mechanicals that have exceeded useful life, along with inefficient windows, doors, lighting, and mechanicals. “Now that the project is complete,” she adds, “we hope to see improved operating costs and a more comfortable learning environment for these kids and staff.”
Another key player in the financing was Justin Kale of Energility, an energy consulting and solution provider. “We’ve worked with the Columbus-Franklin County Finance Authority for nearly a decade, and they make engagement with our mutual clients easy,” he says. “We worked collaboratively with the [Bridgeway] ownership team and the financing team at CFFA to ensure the project solved Bridgeway’s need for large capital improvements.”
Energility built an energy and financial model that weighed costs and benefits, and provided technical expertise and financing knowledge to support Bridgeway during the transaction. “Bridgeway was extremely engaged, asking pointed and thoughtful questions and holding us accountable for delivering what we said we would do from day one,” Kale adds. “The term ‘transaction’ is a bit bland – there’s so much relationship development when the process is done correctly. Patty, Rose Roman, and Matt Lima are great partners for these PACE projects and wonderful advocates for Central Ohio communities.” Energility helped Bridgeway secure additional grant funds that helped lower the overall capital needed from the borrower and lender.
Founded in 2005, Bridgeway’s services include special education programs, summer learning opportunities, post-secondary life and vocational skills training, and a range of therapies such as speech, music, occupational, and physical therapy. Additionally, Bridgeway offers psychological services and diagnostic evaluations for conditions including autism spectrum disorder (ASD), ADHD, oppositional defiant disorder (ODD), anxiety disorders, and others.