Combined C-PACE Financing
Integrated C-PACE, construction, bridge and senior financing for complex commercial real estate projects
Commercial real estate financing rarely comes down to a single source of capital. The right structure depends on the property, project stage, business plan, existing debt and the sponsor’s objectives.
Bayview PACE brings C-PACE together with the broader commercial real estate lending capabilities of Bayview to evaluate more of the capital stack within one institutional platform.
Bayview PACE can provide standalone C-PACE financing or evaluate a combined solution that includes construction or bridge capital. Our team considers the work completed, remaining budget, existing debt, sponsor objectives and takeout strategy within the context of the entire transaction.
Institutional capital structured around the complete transaction.
A Coordinated Approach to Commercial Real Estate Financing
A project’s financing requirements can evolve throughout its lifecycle.
Construction proceeds may need to be supplemented. Additional capital may be required during development. A bridge loan may provide time to reach stabilization. Recently completed costs may support a C-PACE recapitalization.
Bayview evaluates these needs together.
One Relationship
Access C-PACE and broader commercial real estate lending capabilities through a coordinated institutional platform.
One Underwriting Approach
Evaluate the property, sponsor, business plan, capital requirements and proposed financing structure within the context of the entire transaction.
Multiple Sources of Capital
Structure C-PACE alongside construction, bridge or senior financing when the project calls for a combined solution.
Institutional Execution
Work with a commercial real estate lending platform experienced in complex transactions across property types, markets and project stages.
The Bayview Full-Stack Capital Solution
Look-back C-PACE begins with qualifying historical expenditures, but its value extends beyond reimbursing individual project costs.
A properly structured recapitalization may help an owner achieve several capital-stack objectives.
Bayview can provide multiple forms of commercial real estate capital, allowing the financing structure to be built around the needs of the project rather than a single product.
Senior Lending
First-mortgage commercial real estate financing structured around the property, sponsor and business plan.
C-PACE Financing
Long-term, fixed-rate, non-recourse financing for qualifying hard and soft project costs.
Construction Financing
Capital for ground-up development, major renovation, redevelopment and repositioning projects.
Bridge Capital
Transitional financing that can support construction completion, lease-up, stabilization, repositioning or an eventual permanent financing strategy.
Depending on the transaction, these products can be provided independently or combined within a broader capital solution.
How the Full Capital Stack Can Work
A combined Bayview financing structure may incorporate several layers of capital.
Senior Financing
First-mortgage debt sized around the property’s value, cash flow, business plan and underwriting requirements.
C-PACE Financing
Long-term financing for qualifying project costs that can complement senior debt within the capital structure.
Construction Financing
Capital aligned with the project’s development budget, construction schedule and funding requirements.
Bridge Financing
Flexible transitional capital designed around timing, completion, lease-up, stabilization or takeout needs.
C-PACE amounts and total financing proceeds depend on eligible project costs, applicable program requirements, property value, underwriting, senior lender consent and the specific transaction. Capital-stack percentages are illustrative.
More Than a C-PACE Provider
C-PACE has become an increasingly established component of institutional commercial real estate financing.
Its role has expanded alongside that growth.
For sophisticated sponsors, C-PACE can now be evaluated as one component of a broader financing strategy that includes senior debt, construction financing, bridge capital and sponsor equity.
Bayview is positioned to approach C-PACE from that broader perspective.
Our team evaluates how each source of capital interacts with the others, how the structure supports execution and how the financing aligns with the property’s longer-term business plan.
Whether Bayview provides C-PACE alone or a combined financing solution, the analysis begins with the entire transaction.
What a Combined Capital Solution Can Address
The value of a full-stack approach depends on the project. Bayview can structure financing around a range of commercial real estate capital needs.
Fill a Capital Gap
Introduce an additional source of financing when senior proceeds and sponsor equity do not fully cover project costs.
Increase Total Proceeds
Combine complementary sources of capital to support a larger portion of the overall financing requirement, subject to underwriting and program requirements.
Reduce Reliance on Higher-Cost Capital
Use long-term C-PACE financing where appropriate to reduce dependence on mezzanine debt, preferred equity or other higher-cost capital.
Manage Sponsor Equity
Create a financing structure that can reduce the amount of incremental equity required while maintaining appropriate sponsor investment.
Coordinate Timing
Align construction draws, C-PACE funding and bridge capital with the project’s construction, completion or stabilization timeline.
Create a Path to Stabilization
Structure financing around the entire business plan, including construction completion, lease-up, operations and eventual permanent financing or exit.
Financing Throughout the Property Lifecycle
Bayview’s platform can support projects at multiple stages rather than only at the initial financing.
New Construction
Combine C-PACE with construction financing to structure capital for qualifying ground-up commercial development.
Explore C-PACE for New Construction
Mid-Construction & Completion
Introduce C-PACE, construction or bridge capital when a project’s financing requirements change after construction has begun.
Explore Mid-Construction & Completion Capital
Renovation & Repositioning
Finance major capital programs, property improvements, conversions and repositioning strategies.
Bridge to Stabilization
Provide transitional capital while a property completes construction, leases space, opens operations or progresses toward stabilized performance.
Recapitalization & Look-Back
Use qualifying recently incurred project costs to introduce long-term C-PACE capital into an existing financing structure.
Explore C-PACE Recapitalization & Look-Back Financing
Refinancing
Evaluate C-PACE alongside senior or bridge debt as part of a broader refinancing strategy.
Built for Complex Commercial Real Estate Projects
Full-stack financing is particularly relevant for projects that require more than a single-product approach.
Bayview works across commercial real estate asset classes, including:
Multifamily
Ground-up development, major renovation, adaptive reuse and recapitalization.
Hospitality
New construction, property improvement plans, renovation, completion capital, bridge financing and recapitalization.
Senior Living
Development, renovation, recapitalization and transitional financing for senior housing properties.
Mixed-Use & Condominium
Large-scale developments with multiple uses, construction phases and complex capital requirements.
Industrial
Ground-up construction, redevelopment, expansion and major property improvements.
Office
Repositioning, adaptive reuse, renovation and transitional financing.
Retail
Development, redevelopment and major capital improvement programs.
One Platform for Sponsors and Capital Partners
Property Owners & Developers
Evaluate more of the capital requirement through one institutional lending platform and structure financing around the project’s complete business plan.
Banks & Lending Partners
Use C-PACE to complement senior financing, address a capital gap or reduce the amount of additional exposure required from the bank.
Brokers & Advisors
Bring clients a broader financing solution that can address multiple portions of the capital stack.
Debt Funds & Private Capital
Evaluate opportunities to use C-PACE alongside existing debt or equity capital to create a more efficient financing structure.
Integrated Capital in Action
Avenue Naples
Naples, FL | Mixed-Use New Construction
$202 Million Combined Financing
Bayview provided a $202 million integrated financing solution for The Avenue Naples, a mixed-use development in Naples, Florida.
The financing included:
$93 Million Construction Loan
$109 Million C-PACE Financing
Both components were provided through the broader Bayview platform and structured around the project’s construction schedule and capital requirements.
The transaction demonstrates how construction debt and C-PACE can be evaluated together as components of a single financing strategy.
How Bayview Structures a Combined Financing Solution
1 – Understand the Business Plan
Bayview reviews the property, sponsor, project stage, existing financing, budget and broader business plan.
2 – Evaluate the Capital Need
The team identifies the project’s total financing requirement, qualifying C-PACE costs, existing debt and remaining sources and uses.
3 – Build the Capital Stack
Bayview evaluates the appropriate combination of C-PACE, senior, construction and bridge financing alongside sponsor equity.
4 – Coordinate the Transaction
Underwriting, third-party requirements, program approvals, lender consent and closing mechanics are coordinated around the proposed structure.
5 – Execute the Financing
The approved capital solution closes and funds according to the project’s financing and construction requirements.
Let’s Build the Right Capital Solution
Every commercial real estate project has a different capital requirement.
Bayview brings C-PACE, construction, bridge and senior lending capabilities together to evaluate the financing structure as a whole.
Whether you need one component of the capital stack or a coordinated full-stack solution, our team can evaluate the project and determine how Bayview’s lending capabilities may fit.
Ready to get started with
C-PACE Financing?
Or do you have additional questions? Connect with our team.
Ready to get started with C-PACE Financing?
Connect with our team!