New Jersey C-PACE Program

C-PACE Financing is expected to be available in New Jersey in 2023 and allows building owners and developers to access the capital they need to make energy-related deferred maintenance upgrades in their existing buildings, support new construction costs, and make renewable energy accessible and cost-effective.

How does C-PACE work?

C-PACE makes it possible for commercial property owners to obtain low-cost, long-term financing for ener­gy efficiency, water conservation, and renewable energy projects. Most commercial property types qualify for C-PACE financing.
The program starts with a state-level government policy that classifies clean energy upgrades as a public benefit – like a new sewer, water line, or road.
These upgrades can be financed with no money down and then repaid as a benefit assessment on the property tax bill over a term that matches the useful life of improvements and/or new construc­tion infrastructure (typically ~20-30 years). The assessment transfers on the sale of the property and can be passed through to tenants where appropriate.
While facilitating sustainability efforts, the program reduces property owners’ annual costs and pro­vides dramatically better-than-market financing for green new construction.

Submit a C-PACE Financing Request Today!

C-PACE Financing Overview

Next Generation Construction Finance for Energy Efficient Upgrades and Deferred Maintenance

C-PACE (Commercial Property Assessed Clean Energy) is a public-private partnership enabled by state law and financed with private capital that finances sustainability improvements to CRE such as: energy efficiency, water conservation, seismic resiliency and wildfire hardening. C-PACE financing can also be used to fund portions of “green” new construction in some jurisdictions.
C-PACE finances these measures with long-term, fixed-rate financing, generally on a non-recourse basis. The structure exists because the state and local municipalities view these improvements as a public benefit, akin to how a sewer improvement would benefit the public.

Product Snapchat

20-30 years fixed-rate loan

Interest Rates 50% less than Mezz/Pref

100% Non-Recourse upon completion

100% Financing of eligible measures

Obligation may be transferred on
sale or prepaid

Tailored step-down prepayment

C-PACE Product Term Sheet

Next Generation Construction Finance


$500,000 – $500,000,000


All states with active C-PACE programs and continually expanding (Currently): AK, AR, CA, CO, CT, DE, FL, IL, KY, MA, MD, MI, MN, MO, MT, NE, NM, NV, NY, OH, OK, OR, PA, RI, TN, TX, UT, VA, WA, WI, & DC

100% financing for energy, water, and resiliency capital expenditures.
Multifamily, Hospitality, Industrial, Office, Retail, Senior Living, Student Housing, non-profit, and special purpose.
Single-family residential, residential condos, government owned buildings.
Hard, soft, and associated costs connected to mechanical, electrical, plumbing, building envelope improvements and renewable energy sources. Examples include HVAC, LED lighting + facility controls, boilers, windows, and solar.
20-30 years fixed; shorter loan terms available.
Full term; Actual / 360

Capitalized interest reserve during construction

C-PACE Debt-to- Value3

Maximum LTV 30% for new construction/rehab based on the as-stabilized or as-complete property value.
Maximum LTV of 35 % for retrofit based on the as-stabilized or as-complete property value.

Total-to- Cost3

90% LTC for New Construction & Value-Add Development (C-PACE + Mortgages)
95% LTC for Maximum C-PACE + Mortgages LTC of 95 % for retrofit projects based on the as-stabilized
or as- complete property value.
Total debt to cost ratios are subject to appropriate DSCR ratios and senior lender approval

Minimum requirement of 1.25x (1.10x for multi-family) inclusive of energy savings & total debt.

Milestone-based disbursement schedule; generally pro rata with senior lender for new construction/rehab projects.


No lockout period, yield maintenance or exit fee

Tailored prepayment fees that step down over time;
Non-recourse upon completion
C-PACE financing requires lender consent from any lienholder on a property.
C-PACE may be paid off at sale/refinancing or transferred with title with no restrictions

Submit a C-PACE Financing Request