Bayview Provides C-PACE Financing on Monterey Park Multifamily

Bayview PACE provided $15.5 million in Commercial Property-Assessed Clean Energy (C-PACE) financing for Whitmore Villa, a $52-million multifamily development located in Monterey Park and developed by Chateau Group, on behalf of project sponsor GreenState Holdings, Inc.

Located at 126 New Ave. in Monterey Park, Whitmore Villa will include 63 two-story units in two construction phases. The 23 units in Phase 1 will potentially be sold as condominiums.

“Our C-PACE funding participation in this beautiful new multi-family housing illustrates the flexibility and benefits of C-PACE to help projects go forward amid today’s tight credit markets,” said Jason Clouet of Bayview PACE. “While many housing developments have been stalled by high interest rates, C-PACE fills a gap by offering competitive terms for qualified improvements such as lighting, water systems, building envelope and other components.”

He added, “C-PACE works across the commercial real estate spectrum. Our end-to-end financing capabilities deliver a market-leading solution for commercial projects of all kinds, from student, senior and multifamily housing to industrial, hospitality, retail, office, mixed-use and more.”