Through Commercial Property Assessed Clean Energy (C-PACE) financing, commercial projects can be funded with long-term, fixed-rate private capital repaid through a non-accelerating assessment tied to the underlying property.
C-PACE Financing in Rhode Island
PACE Equity Finance funds C-PACE loans in Providence, Cranston, and other cities in Rhode Island
C-PACE Status: Active Program
Max Term: 25 years
Max LTV: 35%
Refinance Availability: Unavailable
Explore PACE Equity Finance’s tailored C-PACE capital solutions across hundreds of projects.
Rhode Island C-PACE Program
Rhode Island’s C-PACE program is administered by the Rhode Island Infrastructure Bank. PACE Equity Finance financing in Rhode Island is available for new construction and retrofits. Rhode Island C-PACE offers long-term financing for up to 25 years for both soft and hard project costs. Buildings must be designed to exceed the current RI energy code (IECC 2015/ASHRAE 90.1-2013) to qualify for C-PACE financing.
Rhode Island 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 35% property value.
DSCR
1.10 – 1.30 at stabilization.
Funding Time
Construction
Rhode Island C-PACE Financing Case Studies
