![]() Yet another Karam project is the College of the Mainland campus in League City, a refurbished church. Lowry Expressway in Texas City, and the historical rehabilitation of the Falstaff Brewery into a storage facility, events center and what is to become the boutique Falstaff Hotel. He noted projects such as the adaptive reuse of Mall of the Mainland, rebranded Mainland City Centre at 10000 Emmett F. The firm was able to provide direct capital financing for energy-efficiency and water-conservation measures for adaptive reuse and rehabilitation projects across Karam’s commercial real estate portfolio, Ribble said. “And it couldn’t have come at a better time.” Karam has had trouble finding financing through traditional banks and has to get direct capital at higher rates, he said.īy going through the Commercial Property Assessed Clean Energy program, he was able to get financing at what he calls incredible bank rates. It’s also for projects that would make renewable energy accessible and cost-effective. This type of financing is for energy-related deferred maintenance upgrades in existing buildings or to support new construction costs. Greenworks Lending is honoring Karam with its 2020 Visionary Award to highlight his adoption and championing of the program, closing the highest number of transactions as well as volume with the firm in the state of Texas, Ribble said. “Jerome is an early adapter,” said Sean Ribble, director of Greenworks Lending’s Mountain West/Texas Region. Karam took advantage of the program in 2020 while rehabilitating old buildings such as the former Falstaff Brewery in Galveston by making all of them energy-efficient. The national program provides building owners and developers access to capital when they agree to meet green-building standards. Greenworks Lending, which agreed to finance Karam’s projects, specializes in the Commercial Property Assessed Clean Energy program. “When everybody was saying no during COVID, they said yes,” said Karam, also a Friendswood attorney. By VALERIE WELLS Correspondent – Going green made funding possible for seven of developer Jerome Karam’s large commercial projects, most in Galveston County, with financing from a Connecticut-based lending firm.
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