PLG Perspectives 

Developer Holigan Investments received a $22.5 million C-PACE loan paired with a $36.2 million senior loan from two debt funds to construct the 80-unit Maranello Luxury Auto Garages. "Since this was the first-of-its-kind project, our development team wanted to bring down the cost of capital to ensure success," said Michael Holigan, owner of Holigan Investments.

PLG provided a $13.4 million C-PACE loan for the construction of a Residence Inn by Marriott in Mammoth Lakes, located within three miles of the Mammoth Ski Mountain Area. "C-PACE was an ideal fit," said PLG SVP Ron Adachi. "It paired seamlessly with the EB-5 loan and blended down the cost of capital for this luxury hotel."

"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," said Robbie Ferris, a Principal at Capital City Urban Development.

“This was an innovative structure with PLG acting as the senior lender, with other structured capital completing the capital stack. The competitive pricing from the C-PACE loan enabled us to move forward with this exciting project,” said Joel Rosen, President of GFI Hospitality, the lead partner in a joint venture with LCP Group.

"The loan closed in less than two months, helping us meet our business goals going into 2026. Beyond that extraordinary timeline and given that this was the first C-PACE loan in New Jersey, the PLG team's diligence with New Jersey's C-PACE program led to an exceptionally smooth closing," said Bart Blatstein, owner of Tower Investments Inc.

Patmos Hosting Inc., a leading provider of internet infrastructure, data center, and hosting services, announced that it has received a $100 million C-PACE loan from PLG to continue development of the former Kansas City Star building into a state-of-the-art multi-use AI Campus.

PLG provided Mosaic with $25.6 million in C-PACE financing for Cedarbrook Senior Living, an assisted living and memory care facility located in Tigard, OR. C-PACE came in to help push leverage on the deal by partnering with Columbia Credit Union and optimize the borrower’s cost of capital by serving as an alternative to expensive preferred equity.

Learn more about The Stella ($16M Deal Transforms Vacant St. Paul Office Tower), a Q&A featuring Loren Biller, and our Real People of PLG series featuring Robbie Pinkas.

"I often hear this objection from commercial lenders: 'We're not interested in more competition for our deals.' It reveals a fundamental misunderstanding about how C-PACE actually works – and it's costing the industry billions in missed opportunities," PLG CEO Rafi said in his recent blog.

PLG provided $13 million in C-PACE financing for the construction of a SpringHill Suites by Marriott Hotel in Lakewood, Washington, a Seattle suburb.c

"While hospitality loans have been a significant part of my C-PACE lending business since we started, the new experiential lodging properties are increasing in popularity among developers because they are finding fewer traditional financing sources," said Rafi Golberstein, PLG CEO.

PLG recently provided C-PACE for several refinancings: $22.4M for a Los Angeles office building, $6.2M for a Chicagoland Renaissance Hotel, and $17.7M for a Cincinnati Hyatt House hotel, which was also used to complete construction.

LA-based Center Capital Partners and Abramson Investors received a $22.4 million C-PACE loan from PLG to refinance improvements completed on their newly constructed 72,000 sq. ft. Class-A creative office building on 5237 W. Jefferson Blvd in LA.

"C-PACE financing can act as a participant or A-Note, filling in the financing gap when a bank’s credit envelope restricts their lending limit," PLG Originator Ina Montejo explains in her most recent blog post.

A dual-branded Marriott received $3 million in C-PACE from PLG to finance energy conservation measures such as high-efficiency HVAC, low U-factor windows, and LED lighting.

Originators Ina Montejo, Robbie Pinkas, and Matthew McCormack met with mortgage brokers at the Western States CREF conference to discuss YE transaction volume and next year's financing trends.

As banks continue to scale down on lending amidst tighter LTC constraints and reduced deposits, owners and developers are turning towards nonbank lenders, such as private capital and C-PACE lenders like PLG, to get creative with their capital.

“The higher interest rate environment has forced owners, developers and mortgage brokers to be open to alternative forms of capital," said CEO Rafi Golberstein when discussing C-PACE's momentum.

A Hyatt House hotel near Cincinnati received $17.7M in C-PACE from PLG to refinance existing debt and complete construction of the property, which includes an attached medical rehabilitation annex.

This medical rehabilitation facility in Florida received $9.4M in C-PACE financing from PLG for energy conservation measures, which are expected to save $71,805 annually throughout the payback period. C-PACE is a part of the project's total capital stack of $37.85M.

PACE Loan Group recently completed the third tranche of C-PACER financing for The Aviator Hotel in the heart of Anchorage, Alaska. At $16.75 million, this is the largest use of C-PACER capital in Alaska to date.

PACE Loan Group provided $8M in C-PACE financing for The Washington, a 200-unit luxury multifamily complex in Eau Claire, WI, filling out the project’s $41M capital stack.

PLG brought nearly $4M to a two-phase short-term rental under construction in Traverse City, Michigan, known as the Gold Coast for its many miles of sandy beaches. The financed energy efficiency measures are expected to save $120,140 annually throughout the payback period.

PLG provided $4.5M in C-PACE financing to Lawson's Landing, a 70-year-old campground that borders the Pacific Ocean just north of Point Reyes National Seashore. Among the financed improvements are a new wastewater treatment and solar panels.

Through retroactively covering completed energy efficiency improvements, C-PACE was used to refinance out maturing debt for Hotel Blossom, a 267-key luxury hotel located near the Texas Medical Center.

PACE Loan Group provided $3.5 million in C-PACE financing for LaSalle Plaza, a Minneapolis office tower spanning over 620,000 square feet, with 60,000 square feet of retail space and a current occupancy rate of 68.9%.

Reset Hotel, a new hotel coming to Twentynine Palms, a Palm Springs exurb adjacent to Joshua Tree National Park, has started construction with $11.2 million in C-PACE financing from PACE Loan Group.

PACE Loan Group was recently recognized as one of the Fast 50 growth companies in the Twin Cities by the Minneapolis-St. Paul Business Journal. This recognition comes from three years of an average of 89% growth per year through the company’s focus on providing C-PACE financing to commercial real estate property owners.

Ina Montejo joined PLG this month, bringing valuable insight regarding CRE Finance. She previously worked as Business Development Associate for another C-PACE lender and as an Asset Management Analyst and Financial Analyst Intern for different CRE investment firms.

With the current economic uncertainty and resulting pull back on mortgage lending, CRE developers and owners are seeking out alternative sources of financing for their properties. In these circumstances, C-PACE fills in those capital stack gaps, adding leverage and substituting more expansive mortgage debt.

PACE Loan Group's COO, Bali Kumar, and Head of Underwriting, Angela Ledding, were recognized at the annual PACENation Summit in early June in NYC.

As the need for sustainable CRE rises, we’re looking back on the years since PACE Loan Group was founded. From 2017 until today, our investments have saved over one billion kWh of electricity and over one billion gallons of water.

C-PACE loans have been gaining traction in asset securitization, offering lower credit risk and opportunities for CRE projects amidst current economic uncertainty and high borrowing costs.

Since getting passed in the summer of 2022, the Inflation Reduction Act (IRA) and its focus on climate change have become a central topic of discussion in CRE. But how exactly does this legislation affect CRE companies and developers, and what incentives does it offer for sustainable development and finance?

The recently passed Inflation Reduction Act (IRA) has put solar on the minds of developers across the nation in 2023. Solar array installation is covered by C-PACE and can receive additional tax benefits as outlined in the IRA.

As we move into Q4, PLG remains active and busy across asset types, closing 7 deals in October within the senior living, office, multifamily, and retail asset classes. The PLG origination team has expertise across the country, evidenced by deals closing within multiple states.

Jacob Roth brings years of experience in the renewable energy sector and recently the sustainable financing market. Jacob has been involved with C-PACE since 2018, building substantial experience in the underwriting and development of PACE projects.

To cap off a busy summer, PLG closed 6 more PACE deals across 4 states in August. These deals spanned multiple project types and asset classes, including Office/Solar, Multifamily, Senior Living, and Hospitality.

The IRA will incentivize the construction of better buildings. Property Owners can take advantage of these tax credits and PACE financing simultaneously to round out their capital stacks.

C-PACE provides developers with low-cost, long-term financing for energy-efficient and otherwise environmentally-friendly aspects of both new and redeveloped projects.

PLG closed nine C-PACE loans in May, the most ever in a single month.

Commercial Property Assessed Clean Energy (C-PACE) can be used as hybrid equity for sustainable improvements and design in existing and new commercial buildings. Learn about the basics of C-PACE and how to use it in your development below.