商业地产清洁能源评估 (C-PACE) 是一项创新的融资计划，在美国越来越受欢迎，因为它提供了低成本的长期资本解决方案，不需要房产所有者的前期股权。使用该计划进行节能升级和改造的核心吸引力在于，与夹层、第三方股权甚至许多优先贷款相比，使用的任何级别的C-PACE都将降低总体资本成本。这对商业地产开发商具有影响力。
在当前市场中，资本成本显著增加，利率上升，贷款机构利差扩大。此外，较高的融资成本给贷款价值（LTV）、贷款与成本（LTC）比率以及贷款人愿意提供的资本金额带来压力，从而减少了新开发项目的流动性。施工成本也大幅增加，连续几年实现两位数增长，世邦魏理仕预计建筑成本将增长5.4％，2023年将进一步增加。
C-PACE的需求量很大，因为它是固定利率的产品，起价为中等个位数。它也可以高达资本堆栈的35％。典型的优先贷款为贷款总额的65％，C-PACE占总额的30％，因此该贷款机构将降至40％以下，从而降低了其资本风险。因此，它正在帮助所有房地产领域的开发项目暂时开始施工，并帮助那些处于施工中的项目竣工。
今天，随着预算的爆发和成本超支，我们看到了越来越多的融资请求。当开发商无法提供额外股权或银行不愿意，C-PACE会提供所需的资金。以下是利用Peachtree的C-PACE资金将项目推向终点线的施工中期项目的示例。
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.
