PLG Finances NYC Local Law 97 Building Retrofits

New York City is the nation’s largest commercial real estate market, and the city has enacted one of the nation’s most aggressive climate acts.  Local Law 97 (LL97) is part of NYC’s plan to reduce emissions and make NYC carbon neutral by 2050, which has forced building owners and developers to rethink the way they have been building

Under LL97’s initial standards, most buildings over 25,000 Sq. Ft. that exceed emissions limits face annual fines beginning in 2025.  A second group of stricter emissions limits begins in 2030.  An estimated 65% of NYC buildings will need energy retrofits to comply with these standards, which means that many building owners are now factoring retrofits into their long-term capital plans. 

PACE Loan Group (PLG) provides low-cost, long-term, non-recourse C-PACE financing for energy-efficient building improvements, such as the retrofits needed to meet LL97’s energy standards.  PLG’s loans cover 100% of eligible improvements and self-amortize, with terms up to 30 years.  Our NYC team, led by me and Robbie Pinkas, is well versed in LL97 C-PACE eligibility.

A wide variety of LL97 measures can be financed with C-PACE:  building electrification, heat pump installation, health & safety measures, and certain ancillary compliance items. 

Takeaway: 

As LL97 standards increase in NYC, PLG is here to help building owners complete their capital stacks.  Contact PLG’s NYC-based originations team today to evaluate your LL97 building retrofit project.

Connect with Loren:

Loren Biller, SVP of Originations

loren@paceloangroup.com

917.346.1397