Frequently Asked Questions
You have questions, we have answers.
C-PACE is a financing mechanism passed by state legislation, enabled at the local level, to allow owners and developers of commercial, healthcare and multifamily properties to receive low-cost, long-term private financing for energy efficiency, water efficiency, renewable energy and resiliency projects. C-PACE payments are secured by the property and repaid through a voluntary assessment on the property’s tax bill.
There is a wide array of uses for GreenRock’s financing in the market ranging from new construction projects, repositioning/repurposing of existing buildings, general CapEx upgrades, resiliency projects and recapitalization of projects mid or post-construction.
A lot. Any qualifying measures that might be included in routine capital spending budgets, new construction, renovation, modernization, resiliency, and expansion projects. For example, C-PACE can be utilized for up to 30 percent of a new construction capital stack.
C-PACE enabling legislation has been passed in 38 states plus D.C. with 22 states operating active programs. Please contact us for more information regarding live PACE markets.
The C-PACE capital is repaid along with ordinary property tax payments, typically in a 20 to 30-year timeframe.
Yes. Lender’s rights and remedies under their loan documents remain the same.
In event of non-payment of the property tax (and associated C-PACE assessment), only the unpaid portion is due and payable. There can never be an acceleration of the remaining principal balance of the C-PACE assessment, nor can it ever be called.
Yes, subject to agreed-upon pre-payment terms.
GreenRock introduced H-PACE™ as a unique offering tailored to the healthcare market. Our team has deep domain expertise in healthcare and created H-PACE or Healthcare PACE to deliver customized financing for capital expenditures including building and construction projects to owners and developers of hospitals, senior housing facilities, life science projects and medical office buildings.
- Yes, in most states our C-PACE can be utilized mid-construction or post-construction. In many cases, our financing is used to recapitalize the project, pay off more expensive mezzanine financing, supplement budgets and reserves, and due to flexible financing structures, provide a more stable path towards completion and stabilization of the project. Please contact us to discuss the specifics of your project.
C-PACE assessments run with the property and transfer to the new owner upon sale of the property, similar to all existing assessments on the property.