“These individuals, companies and transactions exhibited best practices, innovation and leadership for the C-PACE industry, a new way to finance projects that improve the energy efficiency and sustainability of commercial buildings,” said CPA Executive Director Cliff Kellogg.
Commercial property owners use C-PACE financing to fund energy efficiency, renewable energy and resiliency measures on new and existing buildings in 21 states and the District of Columbia. With repayment terms up to 30 years and fixed interest rates, C-PACE financing can be an important part of the capital stack for commercial real estate projects. In addition to increasing property value and reducing operating costs, C-PACE projects stimulate local economic activity, create jobs and enhance the quality of the built environment.
Today, the C-PACE Alliance industry coalition spotlighted the new programs authorized in New York, Illinois, Pennsylvania, Virginia and Massachusetts. In the last quarter, C-PACE transactions closed in New York State, in Chicago, and in DuPage and Kane Counties with financing from Inland Green Capital and Counterpointe, both members of the C-PACE Alliance.
C-PACE Alliance announced today two new publications on combining Commercial Property Assessed Clean Energy (C-PACE) financing with other financing products. With the recent launch of C-PACE in New York City, Illinois, Pennsylvania, and Virginia, these publications can guide financers seeing C-PACE in the capital stack of commercial real estate transactions for the first time.