By Hayden Spiess Investment firm and asset manager Nuveen has a dedicated “What is C-PACE?” page on its website, outlining the basics of this unique type of financing. That the firm sees such a fact sheet as necessary is unsurprising, given that within the commercial real estate industry, Commercial Property Assessed Clean Energy (C-PACE) financing carries less familiarity relative to other financing products. Anne Hill, senior vice president of Bayview PACE, says that “there are some misconceptions out there” and that there is “some confusion around the product.” Lenders say that now though, despite the fact that some misinformation and lack of awareness persist, the tool is rapidly gaining favor among borrowers that recognize its exceptional utility, especially in the volatile environment of today. Origins Originated in Berkeley, California, in 2008, commercial property assessed clean energy (C-PACE) financing is now available in 40 states throughout the country. C-PACE serves as an alternative funding source for commercial projects that qualify on the basis that they will result in reduced energy and water usage and greater building efficiency. “When the program was created, the idea was that the government wanted to allow property owners an easier way to finance energy efficiency …
