Commercial Property Assessed Clean Energy (C-PACE) is a financing solution offering fixed-rate, non-recourse private capital with up to a 30-year amortization. Available for development, recapitalization, and retrofits, repayment is made through a non-accelerating tax assessment that runs with the property and is transferable upon sale or prepayable at any time.
$23.5 million C-PACE financing, paired with a senior construction loan, preserved sponsor control and avoided LP dilution. Dallas, Texas.
The state of Texas has two active C-PACE program administrators, the Texas PACE Authority and Lone Star PACE. Requirements vary slightly between the two programs. Both require at least 50% of savings demonstrated via C-PACE financing derive from reductions in utility and operational costs.
