Key C-PACE Terms

Maximum C-PACE LTV

Up to 35% of Appraised As-Stabilized value, exceptions permitted on a case-by-case basis.

Maximum C-PACE LTV

Up to 85% of Appraised As-Stabilized Value.

Loan Term

5 years to 30 years, flexible prepayment Capitalized Interest period of up to 3 years Interest only period of up to 10 years

Rates

Fixed Rate, Typically 10Y UST + 400bps

Recourse

Non Recourse upon completion with standard carve outs.

Disbursements

All borrower equity must be disbursed prior to PACE funds. PACE Funds will be disbursed in accordance with PACE program guidelines, but no earlier than pari passu with the construction lender.

Eligible Property Types

Office, Mixed-Use, Hospitality, Industrial, Healthcare, Assisted/Senior Living, Multifamily (> 4 units), Retail, Education, Student Housing, Entertainment Centers, Specialty, and Condominiums (so long as prepayment prior to filing of condominium regime).

Ineligible Property Types

Buildings with Ground Leases, Public Schools, Government Owned Property, Cannabis, Gambling, Illegal/Illicit Activities, and Other Building Uses as may present a reputational risk.

Loan Purposes

New construction, adaptive-reuse, retrofit, and refinancing.

Borrower Background

No prior bankruptcies, foreclosures, or monetary loan defaults over past 5 years; exceptions may be permitted on case-by-case basis. No litigation that could impact borrower’s ability to execute business plan, or could otherwise create material headline risk for a lender.

Lender Consent

Required in all cases from all secured lienholders on subject real estate.