Western Alliance Bank Enters C-PACE Market in 30+ States
Western Alliance Bank today announced a Commercial Property Assessed Clean Energy (C-PACE) funding program designed to help commercial property developers and owners make long-term, fixed-rate investments in clean energy, carbon reduction, energy efficiency and improved ESG performance.
Western Alliance Bank, one of the nation’s top-performing financial institutions, is positioned to serve the C-PACE funding solution to commercial and industrial property owner and developer clients in more than 30 states where local municipalities have authorized C-PACE legislation for this effective, flexible, clean energy funding tool.
“Western Alliance Bank’s C-PACE program offers commercial and industrial building owners and developers an attractive way to finance green building elements in new construction and retrofit existing projects with long-term, property-assessed repayment that minimizes upfront capital,” said Monika Suarez, Managing Director, Municipal, Nonprofit and Affordable Housing Finance. “Now it’s possible to combine senior construction loans with C-PACE , to provide a capital stack developers need in a way that is more cost effective than mezzanine and preferred equity."
Specifically created for commercial property owners and developers, C-PACE allows clean energy enhancements for both ground-up developments and renovations, such as retrofitting a newly purchased office building or rental portfolio, with little or no capital required on clean energy elements. From a borrower’s perspective, the cash-flow friendly nature of the C-PACE product can maximize capital resources while elevating a project’s clean energy performance.
With C-PACE, developers and property owners can access 20- to 30-year repayment schedules, with repayment occurring through tax assessments, which can either be paid off outright at time of sale or transferred to the next property owner. Western Alliance Bank will tailor C-PACE funding to an individual client’s needs, drawing on the bank’s wide expertise in public finance and CRE lending nationwide.
“Our customized C-PACE funding capabilities help commercial property owners and developers meet the market’s growing interest in energy efficient, climate-friendly projects,” said Steve Curley, Chief Banking Officer, National Business Lines, who leads several national business lines at the bank, including Specialized Mortgage Services and the Public and Nonprofit Finance Group. “C-PACE is a tremendous tool for helping property owners to improve their asset values and market appeal, while addressing increasingly important environmental and sustainability goals.”
About Us
Public and Nonprofit Finance
Western Alliance Public and Nonprofit Finance, a national banking group within Western Alliance Bank, Member FDIC, delivers tailored financing solutions to state and local governments and nonprofit entities across the United States. The relationship banking team offers outstanding, sector-specific expertise paired with superior service and responsiveness. The Public and Nonprofit Finance Group is part of Western Alliance Bancorporation, which has more than $70 billion in assets. Major accolades include being ranked as a top U.S. bank in 2023 by American Banker and Bank Director. With significant national capabilities, the Public and Nonprofit Finance Group delivers the reach, resources and deep industry knowledge that make a difference for customers.
All offers of credit are subject to credit approval, satisfactory legal documentation, and regulatory compliance. Borrowers are responsible for any appraisal and environmental fees plus customary closing costs, including title, escrow, documentation fees and may be responsible for any bank fees including bridge loan, construction loan, and packaging fees.