Frequently Asked Questions

What is C-PACE?

C-PACE, is a financing mechanism, enabled by state legislation, that allows owners and developers of commercial and healthcare properties to access low-cost, long-term financing secured by the property and repaid through a voluntary assessment on the property’s tax bill.

How is GreenRock C-PACE used?

There are a wide array of uses for C-PACE 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. 

What is eligible for C-PACE?

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 3% of a new construction capital stack. C-PACE Eligible Items >

What is the legal framework for C-PACE?

Established at the State level, provides authorization for the levy of a contractual assessment, and special taxes, which allow C-PACE financing to occur.

How should C-PACE liens be viewed?

The placement of an assessment or special tax is treated the same as any other special property assessments.

What happens upon sale of the property?

C-PACE assessments run with the property and transfer to the new owner upon sale of the property or can be prepaid.

Where is C-PACE available?

C-PACE enabling legislation has been passed in 37 states plus D.C. with 22 states operating active programs. Please contact us for more information regarding live PACE markets. Please contact us for more information.

What is H-PACE™?

GreenRock has 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 living facilities, life science projects and medical office buildings.

What does PACE360™ mean?

The GreenRock team has developed a holistic approach to delivering PACE financing to the market that incorporates a four-step process that begins with the assessment of the project, the structuring of the terms, underwriting and funding and post close engagement. Contact us for a more detailed understanding of the process specific to your project.

Can I use PACE if construction has started?

Yes, in most states 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, rehydrate budgets and reserves and due to the flexible financing structures provide a more stable path towards completion and stabilization of the project.  Please contact us to discuss the specifics around your project.

PACE360 Assessment