cleanfund.com

CleanFund provided capital to Seagate Properties for building upgrades that will improve the properties’ cash flows and value through reduced energy and operating costs. CleanFund has a successful 9-year track record of funding commercial property upgrades nationally, delivering an easy and affordable platform for owners to avoid upfront costs associated with rehab projects that address energy, environmental and resiliency improvements. – Overview of CleanFund C-PACE financing for two Seagate Properties buildings in Marin County Seagate Properties utilized CleanFund’s 30-year C-PACE financing to install a 49.6 kW solar PV array and other improvements related to the building’s heating and cooling systems. In real estate, especially on the commercial side, no two deals are the same, so our main goal with every project is to create value at the property level,” said Mark Polite, principal at Seagate Properties and proponent of C-PACE financing.

While Ygrene’s residential loans last year were virtually split between its two major markets, California and Florida, almost all the commercial loans were in the Golden State, he said. Through last year, $4.89 billion in R-PACE funds were loaned on about 203,000 home upgrades, compared with $588 million in C-PACE loans on 1,445 projects. California has led C-PACE funding, with $208 million, followed by Connecticut at $101 million and Minnesota at $42 million. The company closed $90 million in C-PACE financing last year, representing roughly 40 percent of U. S. volume for such funding, and since its founding $140 million in about 75 loans, according to Brandon Deno, vice president of solar.

Hospitality is where we are seeing our largest growth,” says Smith, whose company specializes in long-term financing for energy efficiency, water conservation, renewable energy and seismic improvements for commercial, multifamily and other nonresidential properties in the United States. CleanFund provides private capital for commercial Property Assessed Clean Energy (C-PACE), a financing structure adopted in 33 states and the District of Columbia that allows property owners to repay investments for building upgrades and new construction on their property tax bills. The owners saw C-PACE as a perfect solution for financing high-efficiency new heating, ventilation and air-conditioning systems, new LED lighting, electrical, water heater and control system improvements. The $2,420,000 in PACE financing is the largest commercial C-PACE transaction in Kansas City to date and is expected to result in 33 percent in energy savings over time.

Formally known as Commercial Property Assessed Clean Energy Funding, the vehicle allows property owners to repay investments for building upgrades and new construction on their property tax bills. Because it is fairly new, both for property owners and for their mortgage lenders who must sign off on C-PACE for the subject property, we find that, once we explain what C-PACE is and how it works, it becomes an important tool for property owners. Oftentimes, a C-PACE provider is a broker with no direct access to capital, and the property owner needs to know and trust the long-term servicing and support that comes directly from the C-PACE financier. We replaced higher-cost mezzanine financing that was at double-digit interest rates with low-single-digit C-PACE financing, a major benefit to the owner, and a better financial structure for the property’s long-term operation.