PACE Loan Group Provides $10.6M in C-PACE Financing for Philadelphia Multifamily Project

PHILADELPHIA — PACE Loan Group (PLG) has provided $10.6 million in C-PACE financing for a 114-unit multifamily project in Philadelphia. The site at 1440 Front St. in the city’s Fishtown neighborhood is an assemblage of six vacant city lots. The project will include five studios, 95 one-bedroom units and 14 two-bedroom units, as well as a fitness center, business center and 2,083 square feet of retail space. Matthew McCormack of PLG originated the loan on behalf of the borrower, Archive Development. McCormack also worked with JLL to place a $14 million construction loan with Builders Capital for the project, which is slated for a summer 2026 delivery. Commercial Property-Assessed Clean Energy (C-PACE) financing offers favorable loan terms to borrowers that make qualified improvements in sustainability initiatives, including energy, lighting and water usage.