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Transactional Real Estate: Revised PACE Financing Guidelines: What To Know
March 30, 2022
Real estate partners Peter Fisch and Salvatore Gogliormella’s latest transactional real estate column, “Revised PACE Financing Guidelines: What To Know,” appeared in the March 30 issue of the New York Law Journal. The authors discuss revised guidelines for New York City’s sustainable energy loan program, known as the NYC Accelerator Property Assessed Clean Energy (PACE) financing program, which provides a new potential source of financing capital for property owners, ground lessees and real estate developers. Notably, the revised guidelines detail the expansion of the scope of the program to include financing for new construction and major renovation projects, and confirm that ground lessees are eligible to apply for PACE loans. Focusing on commercial PACE financing (C-PACE), the article lays out the basic framework of a PACE loan, the potential benefits of the program, and its interplay with traditional real estate financings. Real estate associate Adam Hall assisted in the preparation of this article.