Summer Associate, Dalila E. A. Haden, contributed to this blog.        

In early June, the first Commercial Property Assessed Clean Energy (“C-PACE”) transaction closed in New York City, courtesy of C-PACE financing provided by Petros PACE.  In connection with a larger $500 million dollar acquisition and construction financing deal involving a 1.2 million square-foot office building

*Update: On August 31, 2020, NYC Mayor Bill de Blasio signed Executive Order No. 60, which designated the NYC Department of Finance as the administering agency for the C-PACE financing program.  This exciting new development is a sign that the C-PACE program will likely be formally launched in NYC in the near future.

Property Assessed