Commercial Property Assessed Clean Energy (C-PACE) provides long-term, fixed-rate, non-recourse private capital with amortization periods up to 25 years. It supports recapitalizations, building upgrades, and new developments, with repayment made through a non-accelerating property tax assessment that transfers on sale or can be prepaid at any point.
$25 million in C-PACE financing across two transactions – pre-construction and mid-construction – for a senior living development. Traverse City, Michigan.
Lean and Green Michigan is the administrator for all C-PACE programs in Michigan. Properties eligible for C-PACE financing include industrial, agricultural, multifamily with 4+ units, and commercial developments. Additionally, a property must be located in a C-PACE-enabled jurisdiction and include energy efficiency or renewable energy systems in the construction budget.
