Yesterday, Schelin Uldricks & Co. spoke with an active, well capitalized C-PACE Lender based in Denver. They have plenty of funds to deploy nationwide and will generally consider most property types (Multifamily, Industrial, Retail, Hospitality, Senior Living, Office, Self-Storage, Student Housing, and Mixed Use) with projects that have Retroactive, Gut Rehab, Adaptive Reuse, Ground Up Development, and Renovation components to them.
Maximum leverage is 35% of appraised value (location specific) and pricing guidance is in the upper 7% to low 8% range plus the loan is fully amortizing over 20-30 years. There is no lockout, but declining prepayment penalties through approximately the first 5 years. Also of note, and particularly in the case of hotel properties, there exists the potential to “pass through” all or some of the C-PACE payments via, for example, a “green tax” to guests/users.
Currently, this form of financing could be implemented to also solve for an “equity gap” given market lending conditions.
We are active with many groups like this. Please let us know how we can be of assistance with this form of financing or any other lending needs.
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About Schelin Uldricks & Co.
Schelin Uldricks & Co. is a firm offering investment banking services with a focus on providing capital solutions to real estate companies and other mid-sized businesses.
Headquartered in Huntington Beach, CA, Schelin Uldricks & Co. embodies a progressive entrepreneurial culture focused on integrity, transparency, execution, and ingenuity. The founding partners bring over 35 years of collective capital markets experience in investment banking, private equity, and real estate finance. The company offers a broad array of services, including debt and equity placement, M&A, GP advisory, divestitures, and financial restructuring.