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.