Inquiries regarding C-PACE financing have been on the rise, largely with respect to jurisdictions other than New York. Recently, however, there's been increased chatter about C-PACE financing solutions for New York assets. It seems that, although there is some uncertainty with respect to New York’s C-PACE program, owners and operators are beginning to look at C-PACE through a new lens. With a higher interest rate environment that looks to be here to stay, do you see C-PACE financing as an integral part of the capital stack for New York City's commercial real estate?
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C-PACE hasn't taken off in NYC just yet, but Local Law 97 compliance could be the jolt it needs
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“When Local Law 97 went into effect, they were touting PACE as one of the ways for building owners to access capital to be in compliance, but the problem is we just haven’t been able to get PACE up and going, so now all these building owners are coming up on some deadlines.”
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