C-PACE Financing in California

PACE Equity Finance funds C-PACE loans in Los Angeles, San Francisco, and other cities in California

Commercial Property Assessed Clean Energy (C-PACE) is a state-enabled financing tool that helps commercial property owners fund energy efficiency, water savings, renewable energy, and resiliency improvements. It offers long-term, fixed-rate, non-recourse capital repaid through a transferable property tax assessment.

C-PACE Status: Active Program
Max Term: 30 years
Max LTV: 30%
Refinance Availability: 3-year lookback
Crenshaw Lofts Picture

$12 million C-PACE financing for opportunity zone multifamily development. Crenshaw, Los Angeles, California.

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CSCDA Open PACE

PACE Equity Finance funds C-PACE projects in California through the California Statewide Communities Development Authority (CSCDA) Open PACE program. Finance and refinancing is available for energy efficiency improvements, as well as seismic strengthening, EV charging infrastructure, and wildfire mitigation. Minimum energy efficiency requirements are set at EnergyStar, California Title 24, Title 20, and WaterSense standards.

California 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 30% 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

California C-PACE Financing Case Studies