PACE financing is an advantageous loan option for many types of projects. When it comes to multifamily properties, owners can use Property Assessed Clean Energy (PACE) loans for many types of upgrades for existing buildings. Eligible projects for PACE financing may include energy efficiency, water conservation, and resiliency projects. You should check with your PACE lenders for details for your local area, as each state and municipality has different rules for PACE loans.
Why Use PACE Financing for Updates for your Multifamily Property
Multifamily properties are often eligible for commercial PACE financing. Each state and municipality is different. However, if your property has five or more residential units, it’s likely a multifamily property. Some common types of multifamily properties include:
- Apartment complexes
- Condominiums
- Student housing
- Senior living
CPACE financing is seriously underutilized in the multifamily industry. Yet, there are many benefits of using PACE programs for your property. These are long-term loans with low interest rates you simply pay as an optional property assessment. Also, this financing can pay some or all of the costs of your project if it meets eligibility requirements. In most cases, eligible projects will pay for the costs of the loan through energy savings. If you sell your multifamily building, PACE loans stay with the property and transfer to the new owner.
There are any number of PACE eligible projects for your multifamily property, such as:
- HVAC updates
- Insulation and air sealing
- Lighting upgrades
- Water heater/boiler upgrades
- Window upgrades
These projects are beneficial to your multifamily property in many ways. For example, it can help reduce energy costs for your property. Also, these types of projects often appeal to tenants, as they can often also save money on their utility bills and more and more people are increasingly environmentally conscious, giving preference to properties who are more eco-friendly.
Working with PACE Lenders for Multifamily Loans
If you’re ready to get started with PACE, PACE lenders are your best resource. After all, lenders offer experience in this arena and also relationships with local PACE administrators. Our team can help you determine whether your project is a good fit for PACE financing as well as what you need to do to qualify. In addition, we can help you gather the right documentation and submit it to local authorities to help make the process simple for your property.
Direct CPACE Financing from Stonehill PACE
Our seasoned professionals at Stonehill PACE are here to find financing solutions that suit your needs. We can help you get funding without altering scope or details of your project. As a direct lender, we offer fast response times and detailed guidance to help you through the PACE process. Whether you’re looking at new construction, property retrofitting, or even retroactive PACE for past projects, we work with you to find options that work for your needs. Call us today for a consultation with our team.