Commercial Observer: Peachtree Closes $52M C-PACE Loan for California Townhomes
$51.5MM CPACE (30-year term) loan in a 224-unit townhome development in the Vinedo Community of Paso Robles, CA.
商业地产清洁能源评估 (C-PACE) 是一项创新的融资计划，在美国越来越受欢迎，因为它提供了低成本的长期资本解决方案，不需要房产所有者的前期股权。使用该计划进行节能升级和改造的核心吸引力在于，与夹层、第三方股权甚至许多优先贷款相比，使用的任何级别的C-PACE都将降低总体资本成本。这对商业地产开发商具有影响力。
在当前市场中，资本成本显著增加，利率上升，贷款机构利差扩大。此外，较高的融资成本给贷款价值（LTV）、贷款与成本（LTC）比率以及贷款人愿意提供的资本金额带来压力，从而减少了新开发项目的流动性。施工成本也大幅增加，连续几年实现两位数增长，世邦魏理仕预计建筑成本将增长5.4％，2023年将进一步增加。
低成本、固定利率资本
C-PACE的需求量很大，因为它是固定利率的产品，起价为中等个位数。它也可以高达资本堆栈的35％。典型的优先贷款为贷款总额的65％，C-PACE占总额的30％，因此该贷款机构将降至40％以下，从而降低了其资本风险。因此，它正在帮助所有房地产领域的开发项目暂时开始施工，并帮助那些处于施工中的项目竣工。
施工中期案例研究
今天，随着预算的爆发和成本超支，我们看到了越来越多的融资请求。当开发商无法提供额外股权或银行不愿意，C-PACE会提供所需的资金。以下是利用Peachtree的C-PACE资金将项目推向终点线的施工中期项目的示例。
- C-PACE 用于补偿成本超支。 一家开发商面临大约200万美元的成本超支，该酒店位于佛罗里达州，建成了65％，拥有58间客房。Peachtree向开发商提供了450万美元的C-PACE融资，30年期限为6.82％的.C-PACE。
- 可以追溯使用。对于中期施工项目，C-PACE 的好处之一是 可以追溯使用。类似的融资也用于在特拉华州里霍博斯建造一个价值3200万美元的多户住宅和零售项目。该项目于2021年1月开始施工，已完成40％。Peachtree向开发商提供了480万美元的C-PACE融资，期限为25年，利率为7.25％。大部分资金追溯用于建筑围护结构、暖通空调、照明、管道、电梯、地震和其他符合条件的软成本。
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$51.5MM CPACE (30-year term) loan in a 224-unit townhome development in the Vinedo Community of Paso Robles, CA. The Reserve is part of the 279-acre master-planned Vinedo community, which, at full build-out, will contain ~1,425 total homes. The CPACE loan will fund the building envelope, HVAC, lighting, solar PV, plumbing, seismic improvements, and qualifying soft costs as the eligible costs are incurred during the construction process. The sponsor, Adam Tancredi comes from a 70-year-old family legacy of homebuilding and has over 17 years in the real estate development industry with an emphasis on both residential and commercial developments.
Read full article on commercialobserver.com
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Peachtree Group Surpasses $1.0 Billion in CPACE Financing
Peachtree Group has reached a significant milestone in Commercial Property Assessed Clean Energy (CPACE) financing, surpassing the $1.0 billion mark.
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ATLANTA (Dec. 9, 2024) – Peachtree Group (“Peachtree”) has reached a significant milestone in Commercial Property Assessed Clean Energy (CPACE) financing, surpassing the $1.0 billion mark—a distinction shared by only a select few companies in the industry. In 2024 alone, Peachtree completed 22 CPACE transactions across the U.S., surpassing its previous record for CPACE originations.
"In 2019, we launched CPACE, and today we've surpassed our first billion—a testament to the exceptional team and the strength of Peachtree’s vision,” said Jared Schlosser, Peachtree’s Executive Vice President of Hotel Lending and Head of CPACE. “Our strong foundation has not only fueled Peachtree’s success in CPACE financing but also solidified its position as a leader in the broader commercial real estate lending market.”
In the most recent loan origination rankings by the Mortgage Bankers Association, Peachtree was ranked as the seventh-largest commercial real estate investor-driven lender in the U.S.
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The firm’s $1.0 billion in CPACE financing is rooted in hospitality, which remains its largest segment comprising approximately 45% of its total. However, Peachtree has successfully expanded into other sectors, particularly residential communities (including multifamily, student housing and senior living), which now represent 22% of the portfolio or $220 million. Additionally, the firm has executed numerous CPACE transactions across industrial, mixed-use and office sectors, showcasing its versatility.
“In this challenging lending market, CPACE financing has emerged as a crucial source of liquidity for all commercial real estate sectors. This financing option is becoming increasingly essential as owners grapple with looming debt maturities and limited refinancing opportunities,” Schlosser said.
Commercial real estate remains in a turbulent period with trillions of dollars in debt maturing and refinancing becoming increasingly difficult due to tighter lending standards from traditional lenders. These challenges are reshaping the industry and forcing property owners to seek alternative financing solutions.
“CPACE has been a game-changer, offering long-term fixed-rate financing that lowers the cost of capital while enabling property owners to pursue energy-efficient upgrades with reduced financial strain,” Schlosser said. “Peachtree is proud to lead the way in expanding access to this innovative solution, helping owners across all commercial real estate sectors.”
In just over a decade, CPACE has reached a cumulative $7.2 billion in U.S. commercial real estate financings, according to PACE Nation, confirming the growing market adoption and acceptance of this financing tool.
About Peachtree Group
Peachtree Group is a vertically integrated investment management firm specializing in identifying and capitalizing on opportunities in dislocated markets, anchored by commercial real estate. Today, the company manages billions in capital across acquisitions, development and lending, augmented by services designed to protect, support and grow its investments.For more information, visit www.peachtreegroup.com.
On the Edge 播客：使用 CPACE 贷款进行创意融资
Peachtree执行副总裁贾里德·施洛瑟与On the Edge播客的主持人马尔科姆·戴维斯坐下来讨论了赞助商如何利用CPACE进行从利用开发资本堆到追溯性对项目进行资本重组，甚至作为救援资金来源的所有方面。
在当今的金融环境中，赞助商正在寻找创造性的方法来资本化交易。其中一种方法是 CPACE 融资。
Peachtree 酒店和 CPACE 执行副总裁贾里德·施洛瑟与主持人马尔科姆·戴维斯坐了下来 在 Edge 播客中 讨论发起人如何利用CPACE进行各种用途，从利用开发资本堆栈到追溯性地对项目进行资本重组，甚至将其作为救援资金来源。
第 3 集 | 使用CPACE贷款进行创意融资，与桃树集团的贾里德·施洛瑟合作
在本集中，加深对以下内容的理解：
- 清洁能源商业地产评估（CPACE）：如何利用它
- 结合 CPACE， 施工，以及过桥贷款
- 结构性的 CPACE、Mezzanine 之间的区别 和 JVA
- 追溯性CPACE资金
- CPACE 的限制和机会
- CPACE 作为救援资本
有关 CPACE 的更多信息，请访问我们的 CPACE 常见问题解答。