WASHINGTON, Jan. 21, 2020 /PRNewswire/ -- C-PACE Alliance (CPA), a business association committed to promoting Commercial Property Assessed Clean Energy (C-PACE) financing, is pleased to announce the addition of four capital providers to its membership: Greenworks Lending in Darien, Conn.; PACE Equity in Milwaukee; Dividend Finance in San Francisco; and Stonehill Strategic Capital in Atlanta.
Commercial property owners use C-PACE financing to fund energy efficiency, renewable energy and resiliency measures on new and existing buildings in 21 states and the District of Columbia. With repayment terms up to 30 years and fixed interest rates, C-PACE financing can be an important part of the capital stack for commercial real estate projects. In addition to increasing property value and reducing operating costs, C-PACE projects stimulate local economic activity, create jobs and enhance the quality of the built environment.
"Each of these four companies adds a new perspective that will strengthen CPA's efforts to make C-PACE financing widely available and easy to use," said CPA Executive Director Cliff Kellogg.
CPA publishes policy white papers and provides technical assistance to emerging state and local C-PACE programs. White papers are available here. With the addition of these firms, CPA represents firms that have invested in or advised on virtually all C-PACE investment volume nationally.
Greenworks Lending is a leading provider of C-PACE financing, having supplied C-PACE capital to hundreds of commercial properties in over a dozen states. Greenworks issued the first publicly rated securitization of C-PACE assets in 2017, receiving a AA rating from Morningstar, and the firm issued a second securitization in 2018 that attracted a $440 million investment. Greenworks is led by several of the industry's founding policy developers.
PACE Equity was among the earliest C-PACE capital providers and now operates in nearly every active CPACE market. PACE Equity has expertise utilizing C-PACE in complex and innovative ways, having pioneered the use of C-PACE financing for projects in new construction, Opportunity Zones, Historic Tax Credits, New Markets Tax Credits, brownfield redevelopment and tax increment financing.
Dividend Finance is a national provider of residential and commercial renewable energy, energy efficiency and home improvement financing solutions for property owners. A Dividend entity was an early C-PACE provider, launching in 2010 in California and now offering C-PACE in over 20 states.
Stonehill Strategic Capital specializes in C-PACE new construction projects, with the ability to deliver a complete debt financing solution of both senior construction loans and permanent C-PACE financing. Stonehill has extensive experience in alternative financing for the hospitality industry.
About C-PACE Alliance C-PACE Alliance is a coalition of capital providers and transaction experts committed to achieving the public benefits of C-PACE by increasing the volume of quality transactions. CPA members have advised on program design in Pennsylvania, Virginia, New York state and Illinois.