PACE Loan Group

“Really, we’re just trying to find where there’s a gap or where C-PACE can help solve a problem,” Bali Kumar said during his panel at yesterday’s REjournals Redevelopment, Repurpose & Reuse Summit in Golden Valley, Minnesota. While speaking with Erin Fitzgerald, Heidi Swank, Ph.D., Jake Erickson, Michael Beer, and Monte Hilleman, Bali described how C-PACE can adapt to help the needs of various commercial real estate projects, from new developments to adaptive reuse, like with The Stella office-to-multifamily conversion in downtown St. Paul. Read about The Stella: https://lnkd.in/g9iRgD5s

A creative Class-A office in Culver City, California received $22.4M in C-PACE from PLG to refinance energy efficiency and resiliency improvements completed during construction. The loan will amortize over 30 years, allowing payback for original investments made during construction by LA-based Center Capital Partners LLC and Abramson Investors. “PACE’s longer amortization periods of 20 to 30 years improve a project’s DSCR,” said PLG CEO Rafi Golberstein. “The reduced utility and operating expenses from the financed energy improvements often outweigh the increased property tax, which can make PACE cash flow positive.” Read more about Culver City Office: https://hubs.li/Q03dFFnt0

Condé Nast Traveler recently featured one of our past deals, the destination spa resort Wild Rice Retreat, on their website as a top hotel in Wisconsin! Wild Rice Retreat is an instructor-led wellness retreat that sits in a storybook forest off the shoreline of Lake Superior in Bayfield, Wisconsin. The retreat won Condé Nast Traveler’s Readers Choice Awards in both 2023 and 2024, and has been featured in numerous hospitality and travel publications since it first opened its doors in 2021. Congrats to Wild Rice Retreat on this recognition! Read more about Wild Rice Retreat: https://hubs.li/Q03cjfkL0

As the housing shortage persists, owners of vacant offices are increasingly converting their buildings to #multifamily housing. Robbie P. will discuss how #CPACE financing can make these projects more cost-effective on the Commercial to Multifamily Conversions panel at this week’s IMN #Florida Middle-Market Multifamily conference. PLG recently provided $15.8M for the conversion of the previous Ecolab #office building into multifamily housing in downtown St. Paul, Minnesota. By leveraging PACE, the borrower was able to complete the project’s complex $68M capital stack, which included $18M in historic tax credits. Connect with Robbie: https://hubs.li/Q03cbZRh0 St. Paul office-to-multifamily conversion: https://hubs.li/Q03cc1CM0

“C-PACE is really replacing A-notes and almost acting as a quasi-participant,” AVP of Originations Ina Montejo said during her interview with Michael Belasco on the A.CRE Consulting podcast. During Ina’s episode, The Hidden Gem of CRE Finance, she illustrated why more developers are turning to PACE. For our recent project, $35M for Gateway Studios & Production Services, #CPACE came in to substitute expensive construction financing, bringing down the project’s cost of capital. PACE can also function as a pseudo-participant while banks remain hesitant in today’s lending environment. Listen to the full episode: https://hubs.li/Q03bp9j70

As our team continues to grow, we’re looking to hire an Associate Loan Originator to bolster our originations team. If you’re a deal junkie with strong #CRE finance experience, this position may be for you. While this position can be remote, we’re particularly interested in candidates living in #California and #Texas. PLG careers: https://lnkd.in/guQ2eVDT

We love to see our past projects get the recognition they deserve! Congrats to c4c Land Development, Ritz-Craft Development, and Ritz-Craft Commercial (RC2) for winning Gold for the National Association of Home Builders’ Best in American Living Awards for The Dexter Hotel in Elk Rapids, Michigan! PLG provided $1.9M for the new construction of this hotel, which was the first-ever #CPACE project in Antrim County, MI. Learn more about The Dexter Hotel:?https://lnkd.in/gMtvFV-n #hospitality #CRE

New Hampshire statewide #CPACE is now online! Last week, the state’s program was officially approved and NH Business Finance Authority was selected as the program admin. Here’s a few quick facts about #NewHampshire’s program: o 3 year lookback period o 30 year max amortization term o New construction is PACE eligible Learn more about NH’s program: https://hubs.li/Q039wrlF0

“I’d like to use all of my waking hours focusing on driving some sort of impact, so we can all push in the direction we have to push, because we only have one Earth,” PLG COO Bali Kumar said in his feature as an Energy Innovator on Clean Energy Economy MN (CEEM)'s website. CEEM highlighted how Bali’s work within C-PACE has been a driving force in financing the clean energy transition in Minnesota. PACE financing has bolstered economic activity in Minnesota since the state’s program started in 2010, both creating jobs and investing in clean energy within #CRE. "I want to do something where I feel like I’m doing well and doing good - the doing good part matters,” Bali said. Read more of Bali’s story: https://hubs.li/Q039sHG90

We're adding a CRE Construction Draw Specialist to our team! This position can be based out of any of our offices (Minneapolis, Grand Rapids, MN, San Diego, Chicago, New York), or be remote. If you have a drive to learn and work hard, and enjoy a small, growing environment, this is the role for you!