PACE Loan Group’s Christian DeLisle on C-PACE’s Role in the Capital Stack

Rounding out Connect New York Apartments Investment & Finance 2026 on Oct. 22 will be a discussion of how banks, agencies, debt funds and private lenders are approaching multifamily. Providing perspective on the role of C-PACE in financing will be Christian DeLisle, SVP of originations with PACE Loan Group, who made the transition from bank lending earlier this year. Here, he offers a preview of Thursday’s “Multifamily Capital Markets: Financing the Next Cycle” conversation.

Q: Although you executed C-PACE transactions before joining PACE Loan Group (PLG), you have been active in the broader CRE lending market for much of your career. How has working in traditional CRE financing prepared you for borrower’s questions regarding C-PACE?

A: Working as a lender for 20 years has given me a more compressive understanding of the total capital stack, specifically how C-PACE financing can enhance the IRR off the property for the borrower while complementing the senior lender in terms of proceeds and leveraged cash flow.

Q: C-PACE is having a moment: C-PACE loan volume is up substantially, and larger borrowers have come in. Why now?

A: I think this has most to do with the market learning about the CPACE industry. We are the newcomers to Project Finance and there has been a necessary level of communication and education about what we can provide. As the market learns the benefits, and we can clearly communicate how we work with lenders and borrowers to improve capital formation and explain the risk profile of our inclusion, the industry has seen interest and closings spike.

Q: Although C-PACE financing is more commonplace today than it was ten years ago, where do borrowers still face a learning curve​?

A: Our product is evolving as the industry grows, which is quickly and constantly. The applications of C-PACE financing are much more diverse than 12 months ago, let alone 5 years ago. Our borrowers and lending partners are constantly learning as we evolve. Our primary focus is to educate our borrowers of the eligibility of their projects in terms of proceeds and timing, and our lending partners about the real-world risk our inclusion presents in a worst-case scenario. It’s our goal to outline our uniqueness while helping all parties involved in a transaction understand the benefits of our particular form of financing.

Q: What are some emerging applications of C-PACE that are likely to become more widespread?

A: A main area we are targeting in urban markets is office conversion. Due to the high construction budget these projects present a great opportunity for C-PACE finance. We are also still trying to make sure the market is aware that our financing is available for new projects, mid-construction projects, and refinance within a look-back period available in most states. We lend to all major asset classes and C-PACE is emerging as a lone financing provider for lower debt-to-value transactions that have strong equity positions.

Get a closer look at the capital financing New York multifamily’s next cycle. Hear from Gary Bechtel of Red Oak Capital Holdings and Christian DeLisle of PACE Loan Group, then connect with owners, lenders and investors at Connect New York Apartments Investment & Finance on October 22. Register now!