C-PACE News from
Commercial Observer

GenX Capital Partners, a Miami-based real estate debt and equity advisory firm, has secured $24 million in construction financing to complete The Mark, a 45-unit, high-end condominium that managing partner Mark McClure hopes will serve the growing seasonal rental market in Portland, Maine.  Washington-based Builders Capital provided the $24 million in senior mezzanine construction financing,

Developer A.J. Patton remembers when his mother received a $400 gas bill during a frigid Chicago winter in 1999. She worked in a cafeteria at the time, money was tight, and there was already a hole in the roof, so the bill went unpaid. The gas was shut off, and Patton spent a year heating

California Custom Processing (CCP) has sealed a $33.5 million debt package for the refinance and expansion of an almond processing facility and renewable energy system in Central California, Commercial Observer can first report. X-Caliber Rural Capital (XRC), a subsidiary of X-Caliber Capital, provided a $29.5 million loan through the U.S. Department of Agriculture’s (USDA) Food

A $172 million Commercial Property Assessed Clean Energy (C-PACE) financing provided by GreenRock Capital for PG&E’s global headquarters in Oakland, Calif. could mark a blueprint for modernizing similar office buildings in the San Francisco Bay Area. The loan, led by GreenRock in conjunction with KeyBanc Capital Markets, set a new record for the largest C-PACE

Taking a market pulse at this midpoint of 2023, it’s clear that commercial property-assessed clean energy (C-PACE) financing is surging in popularity, driven largely by the current upheaval in the traditional capital markets. For some project sponsors, C-PACE has in fact taken on urgency because the real estate industry’s typical go-to debt sources and financing

Nightingale Properties is at risk of handing over the keys at 111 Wall Street as its lender looks to foreclose on the office tower. Oaktree Capital Management initiated the foreclosure action on the property, which is backed by $500 million in loans from Oaktree as well as SKW Funding, PIMCO and Bain Capital, Real Estate

Petros PACE Finance has hired Kevin Porter from Morgan Stanley as the lender’s first chief credit officer in a move aimed at solidifying itself as the largest provider of Commercial Property Assessed Clean Energy (C-PACE) loans in the U.S., Commercial Observer can first report.  Porter joins Austin, Texas-based Petros after spending the last six years

The increased use of Commercial Property Assessed Clean Energy (C-PACE) financing as an alternative debt strategy is taking on more creativity in a blended form. Hybrid C-PACE financing, which combines C-PACE loans with senior mortgages, is gaining steam with sponsors seeking lower borrowing costs in a higher interest rate environment, according to a new report

Community Three Development has received $17 million in financing for the next phase of its redevelopment of the historic Grimke School in Washington, D.C. Clearwater Capital Management arranged the dual-tranche construction financing, which included a senior loan from City First Bank and a C-PACE financing facility from Stonehill PACE.  The money will go toward The

Nearly two years since the first Commercial Property Assessed Clean Energy (C-PACE) loan was executed in New York City, the financing strategy has failed to gain traction in the Big Apple. Since the inaugural $89 million C-PACE deal on 111 Wall Street from Petros PACE Finance closed in June 2021 during the final months of

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,