Petros PACE Finance has launched a lending platform designed to facilitate the development of condominium projects through Commercial Property Assessed Clean Energy (C-PACE) loans, Commercial Observer can first report.
The new offering from Petros enables condo developers to navigate pitfalls that previously prevented them from utilizing C-PACE financing due to the program’s traditional focus on properties with single commercial tax liens not suitable for residential condo units. The product includes fixed-rate financing that can be repaid as individual condo units are sold along with loan terms of three to four years instead of the typical 25 to 30 years for most C-PACE transactions.