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C-PACE or commercial property assessed clean energy financing is increasing in popularity among Southern California owners. Adding a C-PACE component to the capital stack can help to curb the costs of energy upgrades and adaptive reuse projects, according to Jon Spelke of CleanFund. The company has financed several properties, including The Garland creative office development in Downtown Los Angeles.

“Commercial PACE financing continues to gain steam in Southern California as more owners and developers are utilizing it as a component to lower their overall blended cost of capital on energy and seismic upgrades, adaptive re-use projects and new construction,” Spelke, managing director at CleanFund, tells GlobeSt.com. “With rates in the low 6% range, as compared to mezzanine and private lenders offering 8% to 14%, C-PACE has become a valuable option in bridge, construction and permanent financing scenarios.”

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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