C-PACE Financing in Florida

PACE Equity Finance funds C-PACE loans in Miami, Jacksonville, and other cities in Florida

Commercial Property Assessed Clean Energy (C-PACE) financing offers up to 30-year, fixed-rate, non-recourse private capital for recapitalization, retrofit, and development projects. It is repaid through a transferable, non-accelerating property tax assessment.

C-PACE Status: Active Program
Max Term: 30 years
Max LTV: 35%
Refinance Availability: 3-year lookback
Pilgrim's Chicken Facility

$21 million C-PACE financing to install combined heat and power system in chicken production facility. Live Oak, Florida.

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FDFC PACE

The Florida Development Finance Corporation (FDFC) and Florida Resiliency and Energy District (FRED) administer Florida’s C-PACE program and collect the special assessment. C-PACE eligible improvements can be related to either energy efficiency, renewable energy, or wind resistance. Financing is available in any community that has joined FRED. Over 224 communities in Florida are eligible for C-PACE.

Florida C-PACE Financing Parameters

Property Types

Multifamily, Senior Housing, Industrial, Hospitality, Retail, Office, Storage

Eligible Projects

Renovation, Redevelopment, Refinance, New Construction, Renewable Energy

Term

Up to 30 years.

Amortization

Fully amortized over the term.

Interest Rate

Fixed rate over the term; spread over a 10-year UST.

Capitalized Interest

No payments during the construction period.

Recourse

Non-recourse, completion guarantee (on New Construction and major redevelopment).

Repayment

Paid through an annual or semi-annual tax assessment on the property.

Prepayment

Prepayable at any time, subject to step-down prepayment premium. No lockout.

LTV

Up to 35% property value.

DSCR

1.10 – 1.30 at stabilization.

Funding Time

Construction, Mid-Construction, Refinance — up to 3 years after completion.
Download C-PACE Tear Sheet

Florida C-PACE Financing Case Studies