Rhode Island Infrastructure Bank’s Commercial Property Assessed Clean Energy (C-PACE) program has proven to be a useful source of funding for new construction projects. In a new construction capital stack, C-PACE often serves as an alternative to equity, which can be expensive, or mezzanine financing, which may be out of reach for some borrowers. One of Rhode Island’s C-PACE capital providers, Twain Financial Partners, supplied nearly $11 million in funding for two recent new construction projects. In both cases, C-PACE worked alongside traditional construction financing to fund the energy-efficiency and sustainability measures integral to any modern development project. Both recent projects also took advantage of flexibility in the financing terms to defer the start of repayment until construction has been completed, freeing up near-term capital.
Read the full article in the New England Real Estate Journal.