Clearwater PACE is an institutionally capitalized direct lender based in New York, providing long-term, fixed-rate, non-recourse C-PACE financing to commercial real estate developers, investors, and owners across the United States.
Clearwater PACE is led by investment professionals with deep expertise in real estate investment banking, structured finance, private credit, and private equity. We approach every transaction as institutional structured credit, underwriting the asset first and the financing structure second.
Our institutional approach positions C-PACE as a capital stack optimization tool for sophisticated sponsors. By introducing long-term, fixed-rate, non-recourse financing against eligible project costs, we help borrowers reduce their blended cost of capital, preserve equity, and improve levered returns.
Backed by institutional capital through a dedicated, committed capital vehicle, Clearwater originates, underwrites, and funds C-PACE assessments directly from our balance sheet. We cover all asset types, all active state programs, and all deal sizes, starting at $5 million.
We originate, underwrite, and fund from our own institutional capital. No broker intermediation, no syndication delays, no uncertainty of execution.
Our team carries $30B+ in transaction experience across structured credit and commercial real estate.
When eligible costs exceed A-note limits, we structure subordinate C-PACE B-notes to maximize proceeds for sponsors while maintaining senior lender alignment.
Our in-house credit process and direct balance sheet capital access deliver preliminary terms within days and certainty of execution from Term Sheet to close.
We work directly with lenders to navigate consent. As a passive tax assessment, C-PACE serves as a natural A-note for back-leverage while preserving the lender's collateral position.
Hospitality, multifamily, industrial, office, retail, senior living, student housing, nonprofit, and special purpose across 40+ states.
C-PACE financing costs are often offset by reductions in operating expenses and utility costs, generating immediate positive carry at the property level.
Originated at a fraction of the cost of equity, preferred equity, and mezzanine debt, C-PACE directly improves IRR and equity multiples.
C-PACE introduces long-term, fixed-rate, non-recourse financing into the capital stack, reducing blended cost of capital and improving equity efficiency at the project level.
As a special assessment on the property tax bill, C-PACE is often recoverable from tenants through NNN leases or passed through as a property tax line item to hotel guests.
C-PACE makes otherwise cost-prohibitive capital improvements financially viable, enhancing building performance and long-term asset value.
C-PACE is not a mortgage instrument, providing borrowers with meaningful cost savings on recording taxes and related closing costs in applicable jurisdictions.
650 5th Ave., 11th Floor
New York, NY 10019
1900 Avenue of the Stars, 2nd Floor
Los Angeles, CA 90067
Clearwater is an institutionally capitalized direct C-PACE lender focused on deploying fast, flexible capital for bold, sustainable projects spanning all asset types and geographies across the U.S.
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