C-PACE News from
Commercial Observer

DC Property Assessed Clean Energy (PACE) has joined forces with Stonehill PACE, an Atlanta-based C-PACE lender, to provide $5 million in financing to deliver energy efficiency and renewable energy upgrades to a condominium in the District’s Ward 6. The financing for the building, a 122,500-square-foot condominium at 950 Third Street NW, will generate environmental benefits

Few emissions standards for most larger New York City buildings take effect in less than a year, and the scramble is on to set the rules for compliance. The biggest sticking point appears to be what building owners can do other than make major structural changes to their properties to offset pollution, including buying credits

HB Capital Group has sealed a $42 million Commercial Property Assessed Clean Energy loan for the renovation of a hotel in Miami-Dade County to mark the largest C-PACE transaction in Florida to date, Commercial Observer has learned. North Bridge supplied the loan on HB Capital’s Newport Beachside Hotel & Resort in Sunny Isles Beach, Fla.

Even on a day that delivered positive inflation news, lenders and brokers were bracing for choppy waters ahead at Commercial Observer’s seventh annual Fall Financing CRE Forum in New York last week. The event, held Nov. 10 at the St. Regis Hotel, kicked off just as data was released showing U.S inflation slowed in October

Origo Investments has secured $52 million of construction financing to build a cold-storage almond asset in Northern California, Commercial Observer can first report. X-Caliber Rural Capital, a subsidiary of X-Caliber Capital, provided a $35 million loan through the U.S. Department of Agriculture’s (USDA) food supply chain program for the planned Origo Cold Storage facility in Madera,

West Harbor — a 42-acre retail, dining and entertainment revitalization project along the Los Angeles Waterfront in San Pedro — is set to be the newest destination and gathering place for the South Bay. The Ratkovich Company and Jerico Development broke ground at the long-awaited project at the Port of Los Angeles on Nov. 12

Diversity, equity and inclusion (DEI) is on the mind — and the sites — of real estate developers.  During Commercial Observer’s National Diversity & Inclusion Forum, “Creating Access Through Transparency,” industry experts analyzed DEI efforts, progress and barriers. Held virtually on Nov. 3, the event outlined systemic roadblocks to diversifying the industry. Panelists highlighted historic

New York City is finally picking up the pace on, well, PACE. Commercial Property Assessed Clean Energy financing, or C-PACE, is a form of financing that enables property owners to obtain funding in exchange for certain energy-efficient building improvements. New York State permitted C-PACE for New York City in March, but withdrew the permission less

Reef Capital Partners has scored a $153 million Commercial Property Assessed Clean Energy financing package for its planned 580-acre resort in Utah. It marks the largest-ever C-PACE transaction. Petros PACE Finance supplied the loan for Reef’s $820 million Black Desert Resort Project in Ivins, Utah, near Zion National Park. Mansoor Ghori, CEO and co-founder of

At an industry conference earlier this year, an attendee stood up at the end of a panel discussion, raised his hand and asked a question about the use of Commercial Property Assessed Clean Energy (C-PACE) financing in the capital stack. The four lender panelists sat silent for a moment until one humbly asked: “What’s C-PACE?” 

A joint venture between Indus Hotels and Schottenstein Property Group has landed a $41.8 million debt package to refinance and implement green energy upgrades at a Hilton-branded hotel in Columbus, Ohio, Commercial Observer has learned. Stonehill originated a five-year, $26.3 million, fixed-rate bridge loan for the JV to refinance Canopy By Hilton Columbus Downtown Short

GoodNeighbor Properties has secured $32.6 million of construction financing to build a mixed-use development in Minnesota, Commercial Observer can first report. First Western Bank provided a $21.5 million senior construction loan for GoodNeighbor’s planned project on a 2.5 acres of land in Alexandria, Minn. Enhanced Capital supplied $6 million of equity and $5 million of

C-PACE provides developers with low-cost, long-term financing for energy-efficient and otherwise environmentally friendly aspects of both new and redeveloped projects. Partner Insights spoke with Rafi Golberstein, president & CEO of PACE Loan Group, one of the country’s leading C-PACE lenders, to learn more about C-PACE’s potential for financial savings and energy improvements in today’s development

New York City’s oft-maligned Local Law 97, which requires owners of most larger buildings to reduce their carbon emissions, has been subject to criticism and even a lawsuit calling the measure financially burdensome and unconstitutional. But for some developers, the law has proven to be a welcome catalyst for pursuing environmentally friendly developments — ones

When Taconic Partners was structuring the financing for a $120 million building transformation at 730 Third Avenue to fund lighting upgrades, roof insulation and the installation of smart windows, the firm included a $28 million C-PACE loan in the capital stack. Work on the building includes the creation of outdoor terraces, a food hall, a