Petros PACE Finance's $89 million for the 111 Wall Street building is the first-ever C-PACE deal completed as part of New York City's recently launched program.
In addition to being the city's first deal, it is also the largest single C-PACE transaction ever closed in the US since the financing structure debuted more than 10 years ago.
C-PACE is a long-term financing product secured by a property tax assessment. It provides developers with an affordable alternative to mezzanine debt and equity. The funding can be used for energy efficiency, renewable energy and water conservation improvements to commercial properties as retrofits or during new construction in 37 states and Washington D.C.
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Leslie Shaver
Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.
