Stonehill’s CPACE group has closed or is under contract with approximately $225 million in commercial property assessed clean energy (“C-PACE”) financing year-to-date. These are across 23 transactions that span most real estate sectors, including hotels, multifamily, industrial, and mixed-use. In addition, the CPACE group expects to deploy up to $400 million in 2023 for renewable energy and energy-efficient components and seismic retrofitting.
“We continue to be among the leaders in CPACE financing,” said Jared Schlosser, Stonehill senior vice president. “We remain on track for 2023 to be our most successful deployment year yet.”
Last year, CPACE group completed the second largest financing in Stonehill’s history with the closing of $33.4 million for the Tom Benson Hall of Fame Stadium at the Hall of Fame Village in Canton, Ohio and closed our first transaction in the state of Washington.
“Being at the forefront of the renewables lending industry affords us the opportunity to make sustainability in commercial properties a reality,” said Schlosser.
C-PACE financing allows commercial property owners to obtain low-cost, long-term financing for energy efficiency and renewable energy upgrades to commercial buildings. C-PACE uses borrowed capital, which is repaid as a surcharge on their property taxes for up to 30 years.
“We continue to be active across all property types and maintain a robust pipeline,” Schlosser added. “PACE remains an attractive option for developers looking for alternative financing, and we expect that to remain true for the foreseeable future.”