C-PACE financing
takes a step forward
Petros has worked with investors, PACE programs, and legal counsel to develop a novel financing solution that allows us to properly and efficiently fund residential condominium developments. Our unique structure works for all stakeholders involved; developers, mortgage lenders, and condo owners.
Historically, providing C-PACE on single-family residential condominium developments has been a challenge for two primary reasons:
C-PACE is intended for commercial properties. Condominium developments are intended for single-family residential occupancy. Both investors and
programs have historically prohibited commercial PACE liens on single-family tax parcels.
C-PACE has and continues to be long-term, fixed-rate financing. Typically, when commercial builders complete condominium construction, they sell off the units. As each unit is sold, that portion of the PACE financing is paid off so the lien is released. In most transactions, the C-PACE loan will be paid off in full within 3-4 years rather than the traditional 25-30 year expectation.
Historically, providing C-PACE on single-family residential condominium developments has been a challenge for two primary reasons:
C-PACE is intended for commercial properties. Condominium developments are intended for single-family residential occupancy. Both investors and
programs have historically prohibited commercial PACE liens on single-family tax parcels.
C-PACE has and continues to be long-term, fixed-rate financing. Typically, when commercial builders complete condominium construction, they sell off the units. As each unit is sold, that portion of the PACE financing is paid off so the lien is released. In most transactions, the C-PACE loan will be paid off in full within 3-4 years rather than the traditional 25-30 year expectation.
C-PACE is intended for commercial properties. Condominium developments are intended for single-family residential occupancy. Both investors and
programs have historically prohibited commercial PACE liens on single-family tax parcels.
C-PACE has and continues to be long-term, fixed-rate financing. Typically, when commercial builders complete condominium construction, they sell off the units. As each unit is sold, that portion of the PACE financing is paid off so the lien is released. In most transactions, the C-PACE loan will be paid off in full within 3-4 years rather than the traditional 25-30 year expectation.
Petros PACE Finance C-PACE for Condominiums:
• Uniquely tailored to meet the needs of residential condominium development.
• Offers fixed-rate financing that can be repaid as each condo unit is sold.
• Flexible repayment and pay-down parameters that integrate the standard
pay-down requirements of mortgage lenders on condo projects.