How C-PACE is Filling a Growing Financing Need
The article analyzes the rapid growth of Commercial Property Assessed Clean Energy (C-PACE) financing, which has evolved from a niche tool for ESG improvements into a mainstream, multibillion-dollar financing mechanism for commercial real estate. It highlights how C-PACE is now used in new construction, mid-construction rescue capital, multifamily recapitalizations, and office-to-apartment conversions. Rafi Golberstein, CEO of PACE Loan Group, notes that spreads have tightened and eligibility has expanded. Specific examples include a $10.6 million C-PACE loan for a 114-unit multifamily project in Philadelphia after a bank backed out, and a $35 million loan for a studio complex in St. Louis. The article positions C-PACE as a flexible alternative to traditional mortgage debt, particularly for stalled projects or atypical assets.
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