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Charles Street Development Co., LLC and ACRES Realty Funding, Inc. have secured $63 million in financing to build Renegade Apartments in Tallahassee, FL near FSU.

Partners Secure $63M Blend of C-PACE, Construction Loans for Apartments near FSU in Tallahassee

Charles Street Development Co., LLC and ACRES Realty Funding, Inc. have secured $63 million in a combo of C-PACE and traditional construction financing to build Renegade Apartments, a 153-unit student housing and retail project in Tallahassee, FL near FSU.

Coral Gables, FL-based Bayview Asset Management closed the loan combination package, originated the loans via one of its long-standing mortgage brokerage relationships and funded the entire debt stack through its wholly owned subsidiaries Bayview PACE ($15.6 million in C-PACE financing) and Oceanview Life and Annuity Co ($48 million construction loan).

According to Bayview Asset Management, C-PACE (the acronym for Commercial Property-Assessed Clean Energy) financing helps unlock capital for property owners to make energy-efficient and renewable building upgrades, fund new construction and provide rescue capital towards recovery from the pandemic.

“C-PACE offers unusual flexibility and beneficial terms for qualified improvements in energy, lighting, water systems, building envelopes and other resiliency components,” said Anne Hill, SVP of Bayview PACE.


Inside The Story

Bayview PACE's Anne Hille

About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.

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