Case Studies

Summary 

The developer of a 36-unit boutique luxury beachside condominium in Hollywood, FL was looking for a low-cost option to fill a gap above the construction lender’s maximum proceeds. They had considered C-PACE but needed a solution for how to apply C-PACE in a for sale condominium project. 

Opportunity 

Bayview PACE structured a unique disbursement and release mechanism with the senior lender and the PACE program administrator that enabled C-PACE to be used for construction financing of condominiums. Additionally, Bayview was able to maximize PACE proceeds to provide the owner with a higher LTC and bring down their total cost of capital. Bayview PACE closed a critical gap in funding and developed a C-PACE model that works for the development of condominiums. Bayview structured an above market LTC and aggressively low rate providing $11.8MM in C-PACE financing for a boutique condo complex.