The New York Times recently published an article, written by Joe Gose, about C-PACE financing. The article, featuring Greenworks Lending’s CEO and Co-Founder, Jessica Bailey, highlights how developers are increasingly taking advantage of C-PACE financing to help pay for green-building requirements.
“States and cities are putting a heavy burden on commercial real estate owners, who see these ambitious climate targets as unfunded mandates,” said Jessica Bailey, chief executive and co-founder of Greenworks Lending, a PACE lender in Darien, Conn. “So PACE is a carrot to the stick that gives property owners a way to finance more energy-efficient systems.”
Bailey also asserts in the article that senior lenders are continuing to gain more comfort with the C-PACE program: “Once mortgage lenders started digging into this, they realized that the upgrades we’re financing add value to the properties and that we’re not putting them in a higher risk position,” she said. “Reluctance has faded away.”
Photo credit: Katie Currid for The New York Times