상업용 부동산 평가 청정에너지 (C-PACE) 는 부동산 소유주로부터 선불 자본을 요구하지 않는 저비용의 장기 자본 솔루션을 제공하기 때문에 미국 전역에서 인기를 얻고 있는 혁신적인 금융 프로그램입니다.에너지 효율적인 업그레이드 및 개조를 위해 이 프로그램을 사용하는 가장 큰 매력은 C-PACE를 어느 수준이든 메자닌, 타사 주식 또는 많은 선순위 대출에 비해 전체 자본 비용을 낮출 수 있다는 것입니다.이는 상업용 부동산 개발업자에게 큰 영향을 미칩니다.
현재 시장에서는 금리 인상과 대출 기관의 스프레드 확대와 함께 자본 비용이 크게 증가했습니다.또한, 융자 비용 상승은 가치 대비 대출 (LTV), 비용 대비 대출 비율 (LTC) 및 대출 기관이 제공할 의향이 있는 자본 금액에 대한 압박을 가중시키고 있어 신규 개발에 필요한 유동성을 감소시킵니다.건설 비용 또한 지난 몇 년간 두 자릿수 증가율을 기록하며 크게 증가했으며, CBRE가 건설 비용이 5.4% 증가할 것으로 예상됨에 따라 2023년에는 더 늘어날 것으로 예상됩니다.
C-PACE는 한 자릿수 중반부터 시작하는 고정 금리 제품이기 때문에 수요가 많습니다.또한 자본 스택의 최대 35% 까지 차지할 수 있습니다.대출이 가치 대비 65% 인 일반적인 선순위 대출의 경우 스택의 30% 에 C-PACE를 제공하므로 대출 기관은 40% 미만이 되어 자본 위험이 줄어듭니다.그 결과 모든 부동산 부문의 개발 프로젝트가 착공이 임박하고 공사가 진행 중인 프로젝트가 완공될 수 있도록 돕고 있습니다.
오늘날 비용 초과로 예산이 폭증함에 따라 이러한 자금 조달에 대한 요청이 더 많아지고 있습니다.C-PACE는 개발자가 추가 지분을 제공할 수 없거나 은행이 원하지 않을 때 필요한 자본을 제공합니다.다음은 Peachtree의 C-PACE 자금을 활용하여 프로젝트를 결승선을 통과한 건설 중기 프로젝트의 예입니다.
Mergers & Acquisitions- Commercial Property Assessed Clean Energy, or CPACE financing, which allows commercial property owners to borrow money for energy efficiency, renewable energy generation, water conservation and other upgrade projects, is a growing market, and is largely being provided by private equity firms.
According to the CPACE Alliance, anon-profit that works to increase the volume of quality projects, this loan market is growing nicely (see chart below). The market hit over $10 billion in total originations by the end of 2024.
Jared Schlosser, the executive vice president and head of hotel originations and CPACE at Atlanta PE firm Peachtree Group, says the firm has averaged 25 percent year-over-year growth since it started CPACE lending at the end of 2019. He expects the market to grow as more states get access to CPACE.
Article Originally Published in HotelBusiness.com
Hotel owners are facing one of the most demanding operating environments in decades. Interest rates remain high, property valuations are resetting and the costs of running a hotel—particularly energy—continue to rise. Meanwhile, guests have elevated expectations, lenders are more selective and the pressure to maintain profitability in an uncertain market has never been more significant.
In this climate, hotel owners can no longer afford to delay strategic upgrades that make their properties more efficient, resilient and competitive. Sustainable innovation is no longer nice to have; it’s quickly becoming essential for long-term success. Fortunately, hotel owners now have a powerful tool to help them implement these upgrades without draining their reserves or disrupting cash flow: CPACE financing.
Energy is among the most volatile and burdensome line items in a hotel’s operating budget. The rising cost of utilities—from climate control to lighting to laundry—cuts directly into margins. According to recent projections, U.S. natural gas prices alone are expected to increase by nearly 50% in the coming year. These rising costs can add up fast for hotels, especially older properties.
However, energy costs are also one of the most addressable threats. Owners who invest in energy-efficient systems, solar panels, HVAC upgrades or water conservation measures can significantly reduce operating expenses. More importantly, they gain more control over those expenses, becoming less reliant on grid pricing and utility volatility.
This is where CPACE (Commercial Property Assessed Clean Energy) financing comes into play. CPACE enables hotel owners to access long-term fixed-rate financing for eligible improvements like energy efficiency, renewable energy and resiliency upgrades. Unlike traditional loans, CPACE is repaid through a special property tax assessment over a period that can extend up to 30 years. That means no upfront capital outlay, non-recourse financing and the potential to pass along costs to future owners if the asset is sold.
By using CPACE, hotel owners can make the upgrades they need today without disrupting operations or tying up cash reserves.
These improvements do more than reduce costs. Properties that are upgraded with efficiency and resiliency in mind tend to command stronger interest from guests, brand partners and investors. As consumers become more conscious of sustainability and more sensitive to comfort and reliability, hotels that can market lower carbon footprints, modernized systems and energy independence stand out in a crowded market.
There’s also growing evidence that sustainability enhances asset value. Properties that have made these upgrades are often better positioned for refinancing or disposition. Buyers are looking closely at operating expenses and capital needs. A hotel with a new roof, efficient systems and solar capabilities is far more attractive than one that faces deferred maintenance and high utility bills.
Sustainable innovation also offers protection against increasingly frequent and severe weather events. Hurricanes, heatwaves, floods and freezes can cause major disruption. Hotels that integrate battery storage, microgrids and storm-resistant features can maintain operations, reduce damage and serve as safe havens in times of crisis. That kind of resilience doesn’t just protect the bottom line—it enhances a hotel’s reputation and guest loyalty.
Hotel owners don’t have to tackle everything at once. The key is starting with the most impactful and cost-effective improvements. CPACE makes that possible. It’s an accessible scalable financing solution that aligns with the long-term nature of hotel ownership and investment.
In a tightening market where margins are under pressure and capital is harder to come by, CPACE offers hotel owners a path forward. It provides a way to modernize properties, cut expenses, increase competitiveness and build resilience—all without adding traditional debt to the balance sheet.
Today’s environment demands more from hotel owners. With sustainable innovation and the strategic use of CPACE financing, those demands can become an opportunity—not just to survive but to grow stronger and more competitive in the years ahead.
Peachtree Group
Peachtree Group is a direct balance sheet lender focused on funding first mortgage bridge loans, mezzanine loans, preferred equity investments, and commercial property assessed clean energy (CPACE) financing. Jared Schlosser is responsible for Peachtree's hotel originations platform and its CPACE program.
$51.5MM CPACE (30-year term) loan in a 224-unit townhome development in the Vinedo Community of Paso Robles, CA. The Reserve is part of the 279-acre master-planned Vinedo community, which, at full build-out, will contain ~1,425 total homes. The CPACE loan will fund the building envelope, HVAC, lighting, solar PV, plumbing, seismic improvements, and qualifying soft costs as the eligible costs are incurred during the construction process. The sponsor, Adam Tancredi comes from a 70-year-old family legacy of homebuilding and has over 17 years in the real estate development industry with an emphasis on both residential and commercial developments.
