PACE Loans in the State of New York

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PACE Equity Funds Local Developments

Property Assessed Clean Energy (PACE) is a legislated public/ private partnership that was approved in New York as a financing tool to encourage energy efficiency with long-term, low-rate, non-recourse funds. Your construction budget can use our private capital funding for costs which impact energy & water spend, renewable improvements or resiliency measures. The repayment of our capital is made through a long-term special tax assessment on the property, making it transferable with the property.

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CIRRUS

We also offer a unique program called CIRRUS Low Carbon which provides a significant rate reduction when you meet a low carbon design specification. The program uses PACE financing, with all of the features that make it a smart capital option yet incentivizes a slightly more efficient design with improved financial returns. Design your building to meet the specification, receive the lower rate, and receive a great promotional package to position your building as a low carbon property.

CIRRUS Low Carbon Details

PACE Financing Experts

New York City Managing Director

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Upstate New York Managing Director

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Eli Terry is our New York City Managing Director. Eli has over a decade of experience in the real estate financial service industry and specializes in structuring the capital stack of real estate projects. He takes pride in helping his customers achieve their strategic objectives and achieve the optimal capitalization for their projects. Reach out to him to schedule a meeting and discuss your next project.

Kevin Wosko is our Upstate New York Managing Director. Kevin is a seasoned real estate professional with a strong background in hotel development. He has nearly a decade of experience in franchise development for hotels, where he has acquired a vast knowledge of ground-up construction, adaptive reuse, and conversion projects. Reach out to him to schedule a meeting and discuss your next project.

Local PACE Programs

PACE Equity funded the first new construction C-PACE property in the state of New York. New York State offers PACE Equity financing through the EIC OPEN C-PACE program. PACE Equity financing is available for multifamily, commercial, industrial, and other property types that meet or exceed energy efficiency standards set by the New York State Stretch Energy Code. Acquiring PACE Equity financing is a great way to ensure NYC Local Law 97 Compliance. PACE Equity’s experienced Energy Engineering and Building Optimization Teams take care of the energy audit and program application. Our streamlined process carries you through from end-to-end.

New York City Emissions Exemption (Local Law 97)

Local Law 97: New York City enacted Local Law 97, also known as Sustainable Buildings NYC, in 2019. This law targets large commercial and multifamily buildings, aiming to reduce carbon emissions by 40% by 2030 and 80% by 2050. Performance is measured by annual greenhouse gas (GHG) emissions (tCO2e/sq. ft.). Building emission limits are calculated based on building type and gross floor area. GHG emissions are determined by multiplying the energy consumption of each fuel type by its corresponding GHG coefficient. Targets are updated every five years to progressively reduce emissions.

PACE Equity financing can be used to cover 100% of the costs for renovations and retrofits pertaining to energy efficiency measures. Our in-house engineers, working in our Low Carbon Center of Excellence, are experts in low carbon building design and optimization. When you work with PACE Equity, we can help you fund the upgrades you need to do to comply with EUI targets. Receive our lowest rate for commercial renovation projects with our CIRRUS fund, our one-of-a-kind C-PACE program that offers lower interest rates for developments built to a low carbon engineering specification. When you renovate to meet EUI requirements, CIRRUS and its lower rates can be a great solution. For more information Building Performance Standards visit the Institute for Market Transformation website. 

Relevant PACE Equity Case Studies for the State of New York

Here are some recent case studies of projects you might find interesting. We’ve got more project stories that show the many ways we’ve helped deliver PACE financing.

Questions? Interest? Ready for more? Let’s connect.

Here is where we can fund projects today

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