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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.
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.
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 >
Established at the State level, provides authorization for the levy of a contractual assessment, and special taxes, which allow C-PACE financing to occur.
The placement of an assessment or special tax is treated the same as any other special property assessments.
C-PACE assessments run with the property and transfer to the new owner upon sale of the property or can be prepaid.
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.
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.
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.
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.
(GreenRock) successfully led $55 million in Commercial Property Assessed Clean Energy (C-PACE) funding in recent months.
Lisa Brown joins GreenRock Capital LLC (GreenRock) as its marketing director.