#c-pace

As energy efficiency becomes a key priority for commercial properties, C-PACE (Commercial Property Assessed Clean Energy) financing has emerged as a valuable tool. In Virginia, C-PACE is helping commercial building owners access capital for energy-saving upgrades, all while improving property value and cutting utility costs. However, many property owners still have questions before deciding to use this program.

Here are the top 10 questions commercial building owners ask about C-PACE in Virginia—along with clear, informative answers to help demystify the process.

1. What is C-PACE financing and how does it work?

C-PACE in Virginia is a public-private financing mechanism that allows commercial property owners to fund energy-efficient, water-conserving, and renewable energy upgrades. The funding is repaid through a voluntary special assessment on the property’s tax bill.

2. What types of properties are eligible in Virginia?

Most non-residential properties are eligible, including office buildings, retail spaces, industrial sites, and multifamily buildings (with five or more units). Each local jurisdiction may have slightly different rules, so checking with your local program administrator is essential.

3. What kinds of projects qualify for C-PACE financing?

C-PACE in Virginia can fund a wide range of upgrades, including HVAC systems, lighting, insulation, solar panels, roofing, and water conservation improvements. The key is that the upgrades must provide measurable energy or water savings.

4. How is the repayment structured?

Repayments are made through the local property tax system, typically spread over 10 to 30 years. This long-term structure helps ensure that the energy savings often exceed the annual repayment amount.

5. Can I sell my building before the C-PACE loan is repaid?

Yes. Since C-PACE is tied to the property, not the owner, the repayment obligation transfers to the new owner if the building is sold. This makes it a flexible option for property owners who don’t plan to hold their property long-term.

6. How does C-PACE impact my ability to get a mortgage or refinance?

Because C-PACE creates a senior lien on the property, existing mortgage holders must consent before financing can proceed. This ensures that lenders are aware of the repayment structure and its priority status.

7. Are there upfront costs involved?

Many C-PACE programs allow 100% financing of both hard and soft project costs, including feasibility studies, engineering, and permitting. This means projects can often move forward with no out-of-pocket costs.

8. How does C-PACE affect property value?

Improved energy efficiency and lower operating costs can enhance property value. Tenants may be more attracted to sustainable buildings, and owners often see improved cash flow due to reduced utility expenses.

9. Is there a program administrator for C-PACE in Virginia?

Yes, the Virginia Department of Energy provides guidelines, but each locality can choose its program administrator. Property owners should consult with their county or city government to find the appropriate contact.

10. How do I get started with C-PACE in Virginia?

Start by reviewing your local C-PACE program’s eligibility guidelines. Next, conduct an energy audit to identify qualifying upgrades. Finally, reach out to a C-PACE lender or program administrator to begin the application process.

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CleanFund Closes First Ever 144A Securitization of C-PACE Assets, Opening a New Era in Energy, Water & Resource Improvements for Commercial Real Estate

SAN FRANCISCO/ July 31, 2018 (STL.News) — CleanFund, the leading nationwide provider of Commercial Property Assessed Clean Energy (C-PACE) financing, announced today the closing of the industry’s first securitization backed exclusively by C-PACE property assessments issued pursuant to rule 144A under the Securities Act of 1933 – and the largest and highest-rated C-PACE securitization of any kind. A single $103 million, AAA-rated note was issued in connection with the transaction. Credit Suisse served as the exclusive advisor and structuring agent for the transaction. The securities are backed by $115 million of C-PACE assessments on 82 properties in six states in the West Coast, Midwest and East Coast.

CleanFund’s first-ever commercial PACE (C-PACE) public securitization includes energy and other improvements to properties across the US. Clockwise from upper left, the 17-story Statehouse Square office building in Harford, CT; The River shopping center in the Coachella Valley; the 510,000 sq. ft Butler Bros. building in Dallas, TX; a 80,000 sq. ft office building in Glendale, CA; the 45,000 sq. ft mixed-use building 644 Broadway, San Francisco, and historic Camelot Theatres in Palm Springs, CA. “This first 144A securitization for C-PACE is a significant moment for the industry. As a pioneer of the C-PACE industry, CleanFund has demonstrated its vision to help reduce the environmental impact of commercial properties through structured finance,” said CleanFund CEO Greg Saunders. “Tapping the public markets should open the door for follow-on transactions that bring more investors to our industry and provide our customers even more competitive and robust financing options for office, retail, industrial, multi-family and other commercial property.” Peter Morgan, Partner at Winston Strawn LLP, noted: “It was an honor to assist CleanFund with the first 144A offering of C-PACE asset-backed securities. I’ve worked with many ABS issuers over time, and have been impressed with the CleanFund team and the origination platform they’ve built. First-time deals can take a bit more work, but in this case, CleanFund’s preparedness and professionalism made a big difference.” Since its founding in 2009, CleanFund has systematically built its capabilities for the C-PACE capital markets. It has accomplished this by structuring the first privately-financed commercial PACE transaction in 2011, then executing the first unrated C-PACE securitization in 2014, and today closing the first 144A C-PACE securitization. Key to CleanFund’s success from the beginning – in addition to building the largest and most experienced C-PACE team – has been significant investment in best-in-class technology and underwriting standards that fully support secondary market execution. C-PACE financing was introduced in California in 2008 as a form of voluntary parcel tax assessment financing to fund qualifying improvements that reduce energy and water usage, and that provide seismic and other resiliency benefits to the built environment. C-PACE financing for commercial real estate, which has been adopted in 34 states and the District of Columbia, allows property owners to repay qualified investments for building upgrades and new construction as a line item on the property’s ordinary property tax bills. Unlike residential PACE financing on single-family homes, mortgage lenders on prospective C-PACE properties provide approval of each transaction. About CleanFund Sausalito, CA-based CleanFund Commercial PACE Capital is the leading provider of long-term financing for energy efficiency, water conservation, renewable energy and seismic improvements to commercial, multifamily and other nonresidential properties in the U.S. CleanFund has significant expertise in commercial real estate, finance, renewable energy and PACE policy. Its financing programs include PACEDirect™ and SolarPACE™, which enable property owners to upgrade their properties with no up-front cost while increasing property cash flows and value. Visit us at http://www.CleanFund.com. Contact:

For CleanFund,

Ron Heckmann (510) 652-5800

[email protected]

Alice Reeve,

[email protected]

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