C-PACE Weekly News
July 26, 2024

Welcome to C-PACE Weekly, your go-to source for the latest insights, updates, and opportunities in the C-PACE industry. Ready to power up your knowledge and stay ahead of the curve? Let’s dig into this week’s latest news!

The First C-PACE Project in Clark County, Nevada, Closes with $190M of C-PACE Financing

Virgin Hotels Las Vegas, a Curio Collection by Hilton property, is the first to use the Clark County C-PACE Program. The Sponsor financed $190,000,000 million in energy and water efficiency upgrades. Nuveen Green Capital was the capital provider, and Slipstream was the C-PACE Program Administrator.

The C-PACE Program provides long-term, fixed-rate funding to private building owners for energy efficiency, water savings, and renewable energy projects to be installed in new and existing commercial properties.

The Virgin Hotels Las Vegas project is not only the first for the program but also one of the largest C-PACE loans in the country. The energy and water improvements financed will positively impact the property owners' operating capital for many years to come.

Read more here.

Bayview PACE Provides $7M in C-PACE Financing for Adaptive Reuse Project in Hudson, NY

Bayview PACE has provided $7,000,000 in C-PACE financing for an adaptive reuse project in Hudson, about 35 miles south of Albany. Pocketbook Hudson is a conversion of the historic Pocketbook knitting mill factory dating to the 1890s into a 70,000-square-foot mixed-use property. Now under construction, the $42 million project will include a 40-room hotel, wellness center, lounge, restaurant, bar, and café, as well as spaces devoted to artwork, affordable retail, and nonprofit offices. Bayview’s long-term C-PACE  financing for Pocketbook’s energy and resiliency components was facilitated by Energy Improvement Corporation (EIC), the New York State Program Administrator for C-PACE run by Susan Morth.

Read more here.

Dwight Capital Launches C-PACE Platform

Dwight Capital has launched a new Commercial Property Assessed Clean Energy (C-PACE) lending platform.

The Sunny Isles Beach, Fla.-based lender has formed Dwight Green Finance, a C-PACE loan offering led by Lisa Nordel. Nordel joined the firm last month from Peachtree Group. 

“I am thrilled to join the Dwight team and contribute to offering our clients access to a cost-effective, long-term financing solution to enhance their capital structure,” Nordel said in a statement. “As the demand for clean energy and sustainable buildings grows, C-PACE financing has been increasingly embraced by property owners across diverse asset categories.”

Nordel added that Dwight Green Finance “seamlessly complements” the firm’s other lending products, including construction and bridge loans and debt deals backed by the U.S. Department of Housing and Urban Development (HUD). 

Read more here.

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About C-PACE.COM

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C-PACE.COM was founded by investment professionals with meaningful experience in real estate investment banking, private credit, private equity, and development. Through C-PACE Financing, we seek to reduce the carbon footprint created by commercial real estate and generate superior risk-adjusted returns for our clients.

At C-PACE.COM, we are the #1 Trusted Source for C-PACE loans and actively lend across all asset types and geographies in the U.S.

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Thanks for reading!

Cheers,
Jonathan Seabolt
Founder & CEO
C-PACE.COM