December 14, 2023
Capital markets warm to C-PACE financing amid growing stress
REBusiness Online, Joe Gose
The spike in interest rates and the consequent disruption throughout real estate capital markets over the last 18 months is generating newfound interest in C-PACE financing.
In cases where cost overruns, stabilization delays and declining values threaten the ability to refinance construction loans, developers are tapping C-PACE retroactively for a much-needed slug of so-called “rescue capital,” says Rafi Golberstein, CEO of the PACE Loan Group, a direct lender of C-PACE based in Minneapolis, Minn. Typically, developers are using the proceeds to pay down debt and fund reserves to secure loan extensions or modifications.
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