How C-PACE Is Transforming New York Real Estate

How PACE works in New York

New York’s C-PACE programs allow commercial property owners to finance energy-efficient and renewable-energy improvements through a voluntary property tax assessment. Key benefits include:

Program: ACtive
Available Lookback: 3 Years
Max TERM: 30 Years
New CONSTRUCTION: Yes

Eligible improvements typically include HVAC upgrades, insulation, building envelope enhancements, water efficiency measures, solar installations, energy-efficient lighting, and more. Local program rules vary, but the core value proposition is consistent: C-PACE frees capital and makes energy-related improvements financially accessible.

Insight from PACE Loan Group

In an NYREJ interview discussing the future of C-PACE in New York, PLG executives emphasized how the state’s evolving landscape requires creative thinking and how C-PACE often becomes the turning point for a stalled deal.

“C-PACE gives sponsors the room to solve problems that traditional capital simply can’t. When the numbers don’t pencil or the debt stack feels tight, C-PACE can be the piece that brings the entire project back into alignment.”

Another PLG leader explained that C-PACE is uniquely effective in New York because developers face some of the strictest energy standards in the country. Rather than viewing those requirements as obstacles, sponsors are increasingly using C-PACE to fund the improvements that codes demand, turning compliance into long-term financial advantage.

In many cases, C-PACE is the reason a project moves forward at all.

Loren Biller | Senior Vice President, Originations New York CIty

PROJECT SPOTLIGHT

Black Creek Barns

$19 Million | Hospitality | New Construction | Esopus, New York

Black Creek Barns Single Cabins

Black Creek Barns Tavern Rendering

Black Creek Barns Main Building

A ground-up new construction development surrounded by the Hudson Valley’s natural landscape, the project needed capital that matched the long-term vision of the sponsor. PACE financing became the ideal fit, unlocking fixed-rate financing.

A project like Black Creek Barnes is exactly why New York’s expanding C-PACE programs matter. When executed correctly, C-PACE doesn’t just fill gaps, it fuels development that aligns with the future of the state: energy-efficient, resilient, and economically viable.

ADDITIONAL PROJECTS

Atlantic City, NJ

Island Waterpark at Showboat

C-PACE AMOUNT $45.5M

Property Type Specialty-Use

Project Type Retroactive

1440 Front Street

Property Type Multifamily

Project Type New Construction

State Pennsylvania

View Transaction

Pittsburgh, PA

Pittsburgh Solar Carport

Why developers choose PACE Loan Group in New York

Developers working across New York choose PLG because of the ability to structure deals that are both compliant and competitive. PLG’s originator team brings the technical expertise needed to navigate county-level requirements, engineering guidelines, and contractor documentation, ensuring certainty of execution.

As one PLG professional summarized in a recent interview:

“C-PACE isn’t just financing—it’s problem-solving. Our job is to help make the development vision possible.”

Downtown New York City at sunset showing the street and reflection of sunlight on building windows

New York City street at sunset with sunlight reflecting on building.

How we work with you.

We create a custom C-PACE financing package from quote to close. Get more capital, more socially responsible investing, and more expertise when you work with PLG.

When you work with PLG, you’re working with real people –
a dedicated team of individuals who focus solely on C-PACE and PACE loans, with no intermediary involved.

From quote to close, speak and work with our in-house origination, underwriting, and loan servicing teams to get a financing package tailored specifically to your project’s needs. Our experts come from diverse backgrounds and bring a new level of innovation and diligence to all our transactions.

Real capital comes from our commitment and ability to close, institutionally backed with balance sheet capabilities. When we issue a term sheet for your PACE loan, you have our commitment to your deal. Our credit committee acts quickly to ensure your project stays on course.

PLG team in LaSalle Plaza in downtown Minneapolis, MN.

Meet with an originator about your state project.

From quote to close, speak and work with our in-house origination, underwriting, and loan servicing teams to get a financing package tailored specifically to your project’s needs.