Commercial Property Assessed Clean Energy (C-PACE) is an important and flexible financing source for the commercial, multi-family, and non-profit real estate markets. Greenworks Lending – the nation’s leading C-PACE lender – is expediting all financing applications to ensure our clients have access to capital during this difficult public health and economic crisis.

Greenworks typically funds three major buckets of projects: energy-saving retrofits, gut-rehab/repositioning, and new construction. While we typically fund projects during construction, we are seeing a growing demand for retroactive financing from property owners seeking additional liquidity for their real estate portfolio. 

Greenworks currently lends in 23 states. More than a dozen of these states allow for retroactive financing – in some cases allowing Greenworks to fund projects completed up to three years ago. State C-PACE rules vary, and Greenworks can help owners identify which projects qualify. 

What are the benefits of Retroactive Financing?

Greenworks Lending can provide fixed rate, non-recourse, low cost capital up to 35% of a property’s value. Importantly, we can delay the first repayment up to 24 months post closing. This funding allows owners to conserve capital, improve returns and free up operating and reserve capital for other needs. Greenworks C-PACE funding is typically priced below 6% interest rates (fixed) for 20-30 years. The long repayment period reduces debt service significantly vs. a traditional loan, and delayed repayment start dates preserve near term cash flow.

Case Study Example

An apartment building in Maryland was completed in 2019 at a cost of $40M. The owner has $12M of equity in the project (70% LTC). Greenworks can fund up to $8M – reducing owner exposure by $6M and senior lender exposure by $2M. The first repayment of C-PACE funding is in December of 2022…reducing debt service significantly for the next two years. 


C-PACE is a program for energy and water measures in commercial properties, and Greenworks funding must be reimbursing qualifying C-PACE costs plus a pro rata share of soft/associated costs. Acquisition costs are not eligible for C-PACE. Greenworks can work with property owners to do this technical review.  Greenworks also requires the consent of any mortgage holder on the property prior to funding.    

How to Get Started

Contact Aaron Kraus to discuss your financing needs. Greenworks will work to identify whether your project(s) fall within jurisdictions that allow retroactive financing and how much PACE-eligible cost has been incurred. We will work quickly to get you to the closing table.