Over the past 3 years, 22 projects across Rhode Island have used financing from Rhode Island Infrastructure Bank’s Commercial Property Assessed Clean Energy Program (C-PACE) to reduce energy costs by upgrading commercial buildings. C-PACE is an innovative financing product that allows commercial real estate owners to access 100%, fixed-rate, long-term financing for energy, water efficiency and resiliency improvements to their property or building.
While most C-PACE loans are funded by specialty capital providers with national footprints, there is an increasing need for participation by community lenders to provide funding solutions for small to medium sized projects. This past year, Rhode Island’s Centreville Bank expanded its commercial finance offerings to include C-PACE financing. Subsequent to attending a C-PACE information session, lenders from Centreville recognized the opportunity to cross-sell C-PACE to existing clients or utilize it to acquire new business.
“Our goal is to provide our private and commercial customers with the financing and support they need to realize their goals, and these loans reflect that commitment,” said Justin DeShaw, senior vice president and chief lending officer at Centreville Bank. “Aside from the obvious environmental benefit, the cost savings realized by these upgrades will allow our customers to reinvest in their businesses and continue to spur further growth.”
Read the full article in the New England Real Estate Journal.