march 19, 2026

PACE Loan Group closes first C-PACE loan in Raleigh, NC, second in North Carolina

$13.5 loan goes to construct new 228-car facility in city’s Gateway District

Gateway Parking interior render

 Minneapolis, MN (March 16, 2026) -- PACE Loan Group closed a $13.5 million loan for a first-of-its-kind, 228-car, automated parking garage in Raleigh, North Carolina’s Gateway District. Construction will begin this month, with expected completion in December. PLG’s Robbie Pinkas, senior vice president – Originations, originated the loan on behalf of the project’s developer, Capital City Urban Development (“CCUD”).

“I’m thrilled we got this done,” said Pinkas, “It’s such a cool project and a window into the future. C-PACE was a great option given the importance of EV infrastructure and our ability to structure an extended interest-only period.”

The underground parking facility will have EV charging capability at each palette and be fully automated with a system designed by AUTOParkit, a pioneer in the automated parking space. At ground level, the site will have a public plaza.

“C-PACE was the final piece of our complicated capital stack, and PLG worked with us on a structure that complemented our existing bond financing. We can’t wait to get this built and start serving the community,” said Robbie Ferris, a Principal at CCUD, a joint venture between developer FirstFloor and Metcon, Carolinas’ largest Native American-owned construction firm. SfL+a Architectswas the architect for the project. 

The garage, at 130 Kindley Street, is one of five remaining parcels in CCUD’s City Gateway District, which is at the intersection of Martin Luther King Blvd. and US 70. One parcel has already been developed - a 288-unit apartment building, MIRA, that opened in 2024. In addition to the garage, the neighborhood will include a hotel, a school, and several mixed-use properties.

Capital City Urban Development was formed as a single-purpose entity to lead the development of the City Gateway District in downtown Raleigh, which is near key entertainment and dining venues, including the Martin Marietta Center for the Performing Arts, the Raleigh Convention Center, and the Red Hat Amphitheater.

The C-PACE program in North Carolina became active in February 2025, and the city of Raleigh adopted their local ordinance in December. The C-PACE qualifying items for this project include the electrical vehicle charging system and related infrastructure.

“It was exciting working with PLG, CCUD, and the City of Raleigh on this unique C-PACE project. This property represents the first C-PACE project for the City of Raleigh/Wake County, helping to drive economic development in the area and serving as a landmark for the future of efficient and resilient commercial properties,” said Larry Price, Director of Finance at the Economic Development Partnership of North Carolina (“EDPNC”), the state’s C-PACE program administrator.

Media Contact:

Martha Nevanen

Martha@paceloangroup.com

651-492-5861

About PACE Loan Group

PACE Loan Group (PLG) is a national leader in the C-PACE marketplace, providing direct C-PACE financing to commercial property owners. PLG benefits from institutional support with capital from funds managed by AB CarVal, a part of Alliance Bernstein. The PLG team provides expertise up and down the capital stack, from origination and underwriting to loan servicing. To learn more about PLG, visit www.paceloangroup.com.

About City Urban Development

Capital City Urban Development is a single-purpose entity formed to lead the development of the City Gateway site in downtown Raleigh.

About Firstfloor, Inc.

Firstfloor is a commercial development firm specializing in the delivery of complex, turnkey projects for public and private clients. The company’s team includes senior professionals with extensive experience in architecture, finance, construction, and property management. This expertise allows Firstfloor to manage the full development process with a focus on accountability, cost control, and long‑term performance. The firm has delivered major educational, mixed‑use, and public‑private projects and frequently works alongside SfL+a Architects on high‑performance building initiatives. Learn more at www.firstfloor.biz.

About Metcon, Inc.

Metcon, the Carolinas’ largest minority-owned construction firm and the largest Native American-owned construction firm in the US, has been building excellence since 2000. With offices across the Carolinas, the firm specializes in diverse sectors, committed to sustainability and client satisfaction. True to their core values, Metcon ensures a quality building experience, people-first, integrity, client success, and a positive community impact. Learn more at metconus.com.  

About SfL+a Architects

SfL+a Architects is a regional leader in the design of sustainable, high‑performance buildings. Founded in 1982, the firm focuses on facilities that reduce life‑cycle costs while supporting long‑term community and environmental goals. Working in close collaboration with Firstfloor, the firm integrates design, financing, and delivery strategies that help clients develop fiscally responsible facilities that meet current and future needs. SfL+a has been responsible for a12 of the 17 verified net‑zero energy buildings in the Carolinas and continues to advance building performance through disciplined planning, technical rigor, and clear project execution. Learn more at www.sfla.biz.