Commercial Property Assessed Clean Energy, or C-PACE, financing has gained growing interest as a way to get some rate relief, particularly for construction and construction take-out bridge financing.
However, there's another application that isn't so well known: retroactive financing.
"Most PACE programs will allow you to retroactively refinance costs incurred up to two and a half to three years ago," says Andrew Zech, COO of Nuveen Green Capital, a C-PACE lender that Nuveen acquired in 2021. During the pandemic, the group refinanced between 50 and 60 hotels that needed more capital to restabilize the property. "It's a potent type of solution. We're doing some of that now."
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
