Texas PACE Authority (TPA) has surpassed $1 billion in TX-PACE financing facilitated through the local programs it administers across Texas. The October 28, 2026 closing of Springdale Green, a $227.5 million transaction, took TPA past that milestone. The East Austin office development represents our largest TX-PACE financing to date.

What began with an Austin congregation seeking to replace aging heating and cooling systems has grown into a mainstream financing program supporting energy efficiency, water conservation, and resilient building improvements across Texas. Springdale Green is in Travis County, where Texas’ first TX-PACE project closed a decade earlier.

Today, TPA reports 119 completed projects, 115 PACE programs established in Texas, and more than $1.069 billion invested. Behind those numbers are property owners, local governments, financing partners, and project teams working together to strengthen Texas buildings and communities.

It all started with aging air conditioning

In 2016, Austin’s Congregation Beth Israel faced a challenge familiar to property owners across Texas. Its aging boilers and chillers required approximately $15,000 in annual repairs. Energy costs were increasing, the auditorium’s wall of windows needed attention, and the child development center was uninhabitable.

Through Travis County’s newly established PACE program, the congregation secured approximately $446,000 in financing. The project upgraded heating and cooling equipment, added window film, and installed building controls. The congregation could address multiple building needs through one coordinated investment.

It was a modest transaction by today’s standards, but it showed how TX-PACE could help property owners move forward with necessary capital improvements without relying exclusively on traditional financing or operating reserves.

Different properties and different financing needs

Over the past decade, TX-PACE has supported properties with widely different needs, from rural healthcare facilities and existing multifamily housing to hotels and commercial developments.

Bringing healthcare back to a community

In Northeast Texas, Clarksville General Hospital used $5.5 million in TX-PACE financing alongside a USDA-guaranteed loan and New Markets Tax Credit financing. The project helped bring hospital services back to Red River County after years without a local hospital.

The TX-PACE portion supported heating and cooling, lighting, and water system improvements. It illustrates how TX-PACE can work alongside other financing sources to support developments that serve broader community needs.

Investing in workforce housing

In Grayson County, Sherman Park Apartments secured nearly $4.85 million in TX-PACE financing to improve the efficiency of its existing buildings above code requirements. Improvements included insulation, air sealing, new windows, efficient heating and cooling systems, and LED lighting.

Projects like this demonstrate how TX-PACE can support investment in newly constructed buildings while addressing energy performance and long-term operating costs.

Coordinating financing with construction

In the City of Fredericksburg, the Kimpton hotel at The Meuse introduced another financing approach. Working with the development team and capital provider, TPA facilitated its first transaction structured around multiple funding tranches. That structure allowed financing to follow the project’s construction schedule.

Springdale Green takes TPA past one billion dollars

Through Travis County’s PACE program, Nuveen Green Capital provided $227.5 million in TX-PACE financing to recapitalize eligible improvements at Springdale Green. Those improvements include the building envelope, heating and cooling systems, lighting, water systems, and elevators.

Springdale Green demonstrates how TX-PACE can also recapitalize eligible improvements already incorporated into a recently completed development. As commercial property owners navigate changing capital markets and refinancing needs, this application has become increasingly relevant.

It is a theme we have explored in our Maturity Wall series. Under the right circumstances, TX-PACE can provide capital for eligible improvements already completed, helping property owners rethink their capital structures.

Every project matters

From approximately $78,000 to $227.5 million, TPA’s completed projects span a broad range of financing needs. The majority involve amounts below $10 million.

A small business replacing inefficient equipment, a multifamily owner upgrading aging systems, and a commercial developer recapitalizing a completed property all deserve a knowledgeable, consistent, and dependable program administration process.

Our commitment is measured by our ability to help eligible projects move forward while maintaining the standards and safeguards that make TX-PACE a trusted financing option.

A milestone made possible by partnership

This achievement belongs to the people and organizations who have believed in TX-PACE and worked together to make it successful.

We are especially grateful to the local governments whose leadership has made TX-PACE available in communities across Texas; the property owners and developers who have used it to improve their buildings; and the capital providers whose investments have turned projects into reality.

We also extend our appreciation to the contractors, engineers, independent reviewers, attorneys, consultants, and project teams whose expertise and dedication have helped bring these transactions to closing.

Local governments provide the foundation. Property owners identify opportunities, and capital providers offer financing solutions. Technical and legal professionals help document eligible improvements, projected savings, and the requirements of each transaction. TPA supports that collaboration through consistent standards, technical oversight, and transaction support.

To our program partners, community advocates, and everyone who has championed TX-PACE over the years: thank you for your trust and collaboration! This milestone is a shared accomplishment, and we are proud to celebrate it with you.

The next billion begins with collaboration

The financing needs of Texas commercial properties will continue to evolve. New development, existing building improvements, historic rehabilitation, and recapitalization each present different opportunities.

From one congregation in Austin to more than $1 billion in financing across Texas, these projects show what partnership can make possible. We look forward to building on this success together and helping more property owners and communities put TX-PACE to work.