C-PACE Financing in Delaware

PACE Equity Finance funds C-PACE loans in Wilmington and other cities in Delaware

Commercial Property Assessed Clean Energy (C-PACE) provides fixed-rate, non-recourse private capital with amortization terms of up to 30 years, usable for recapitalizations, retrofits, and new development. It is repaid through a transferable, non-accelerating property tax assessment.

C-PACE Status: Active Program
Max Term: 25 years
Max LTV: 30%
Refinance Availability: 3-year lookback
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Explore PACE Equity Finance’s tailored C-PACE capital solutions across hundreds of projects.

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Delaware C-PACE

Delaware C-PACE (D-PACE) is administered by Energize Delaware. Kent, New Castle, and Sussex Counties have opted-in to the Delaware C-PACE program. Maximum C-PACE financing amount eligible for projects is determined by a Total Eligible Construction Cost (TECC) calculation. 30% TECC is available for projects that exceed 2018 IECC by 5% or more.

Delaware 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 25 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.
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C-PACE Financing Case Studies

SkyRidge Resort

SkyRidge Resort

$63.3 Million
Deer Valley, UT
  • Hospitality
  • New Construction
  • •Refinance / Recapitalization
SIXTY DC Hotel

SIXTY DC Hotel

$22.5 Million
Washington, D.C.
  • Hospitality
  • Redevelopment
  • •Refinance / Recapitalization
Meadow Valley

Meadow Valley

$25 Million
Traverse City, MI
  • Senior Housing
  • New Construction