Eyzenberg GreenCap
What is C-Pace
Commercial Property Assessed Clean Energy (“C-PACE”) is an innovative financing mechanism of low-cost, long-term non-recourse capital for new construction or gut rehabs of commercial real estate. C-PACE is used to finance 100% of eligible hard and soft costs for a project (approximately 20-25% of total development budget) and secured by a special assessment against the property. Repayment of the assessment financing is done via the building owner’s property tax bill with payments due concurrent with ordinary property tax payments.
Why Eyzenberg GreenCap
Eyzenberg GreenCap is a partnership between Eyzenberg & Company (“Eyzenberg”) and Greenworks Lending (“Greenworks”) uniquely dedicated to funding commercial real estate transactions through C-PACE.
MARKET LEADING EXPERIENCE
Greenworks is the largest C-PACE capital provider having funded the most projects in the country. Its founders launched and lead the first successful C-PACE program and have since closed over 250 projects across 15 states.
THE ENTIRE CAPITAL STACK
Eyzenberg is the market leader for “full spectrum” innovative capital solutions for CRE projects in the US. As a member firm of the Real Estate Capital Alliance ($14B capital placement since 2018) we are uniquely positioned to obtain all requisite lender consents as well as structure and arrange all other monies necessary to fully capitalize your project in tandem with C-PACE.
LEGISLATIVE EXPERTISE
Greenworks has set-up and advised on the structure of over a dozen state programs including the very first one in CT. Due to the varied nuances of individual programs at the local level, leading edge and experienced polity expertise is a necessity to get C-PACE deals processed and closed.
CAPITAL PROVIDER
Eyzenberg GreenCap accesses the direct balance sheet of a top financial institution. With permanent capital and multiple funding outlets Eyzenberg GreenCap has the markets lowest cost of capital for C-PACE financing.
C-PACE BENEFITS
Reduce Blended Cost of Capital
- Fills the gap between senior debt and equity at lower pricing than alternative capital structures like mezzanine debt or preferred and common equity.
- Potential to recoup C-Pace assessment costs by passing through to hotel guests or commercial tenants.
Creates Optionality to Capitalize Your Projects
- Can be used to reduce the amount of senior debt to a level necessary to attract financing and does not require an intercreditor agreement.
- Provides an optional capital structure for situations where structured finance may not be available due to market or size of the transaction.
Off-balance Sheet Potential
- Many owners treat property taxes (ad valorem and special assessments) as an operating expense with some electing to pass on the costs to tenant or guests.
Flexible Capital
- Fully assumable and assignable upon a sale of the asset creating option value in a moving interest rate environment.
- Ability to capitalize costs incurred retroactively within the prior 36 months.
De-risks the Capital Stack for the Borrower
- No repayment or carry guarantee and covenant light.
- Repayment is based on a self -amortizing structure avoiding balloon, interest rate or refinance risk at any point while the loan is outstanding.
- C-PACE is non-accelerating beyond the current year’s assessment and can never be fully called upon a sale or payment/technical default.
- As a “silent” capital provider C-PACE does not require complicated intercreditor or recognition agreements with senior lenders, only a simple acknowledgement and consent form.
A Crucial Piece of the Puzzle
- Can be utilized in tandem with a ground lease structure due to C-PACE flexibility of being assessed against a leasehold or leased fee position.
- Perfect long-term match for Opportunity Zone deals with required long dated hold periods.
- Commercial condominiums are eligible in certain cases.
- Sponsor equity requirements can be reduced for Historic and New Market Tax Credit projects.
AVAILABLE STATES
A national lender, Eyzenberg GreenCap provides C-PACE financing in 24 States and the District of Columbia. States include: CA, CO, CT, DE, FL, IL, KY, MA, MD, MI, MN, MO, NE, NV, NY, OH, OK, OR, PA, RI, TX, UT, VA and WI.

ELIGIBLE ASSET CLASSES
Strike Zone
- Multi-Family
- Hospitality
- Retail
- Office
- Senior Living
- Student Housing
- Light Industrial / Warehouse
Likely
- Nursing Home
- Storage
- Auto Repair
- Golf Courses
- Hospitals
- Farm / Agriculture
- Educational Facilities
Limited
- Marijuana
- Sports Complexes
- Parking Garages
- Civic Properties
- Houses of Worship
- Condo
Ineligible
- Dry Cleaning
- Gas Stations
- Vacant Land
- Governmental Owned
- Residential (<5 units)
- Marina
- Heavy / Specialty Manufacturing
ELIGIBLE IMPROVEMENTS
ENERGY EFFICIENCY
- Lighting upgrades
- HVAC systems
- Building envelope & insulation
- Automatic building controls
- Variable frequency drives
- Boilers & hot water heating
- Roof replacement
- Water conservation
RESILIENCY
- Seismic resiliency
- Hurricane resiliency
- Fire Resiliency
- Stormwater management
RENEWABLE ENERGY
- Solar PV
- Solar thermal
- Microgrids
- EV charging stations
C-PACE IN THE CAPITAL STACK

FUNDING PARAMETERS
- Transaction Scenarios:
- New development, acquisition with a heavy renovation component or recapitalization in tandem with a redevelopment of the property
- Property Types:
- All commercial property types and select alternative asset classes
- Funding Size:
- $1MM-$150MM+, smaller requests reviewed on a case by case basis
- Recourse:
- No repayment or carry guarantee, completion guarantee burns of at TCO
- Pricing:
- 5% to 6.5%, dependent on term, location, use and leverage
- Term & Amortization:
- Self amortizing (no balloon) with terms up to 30 years (based on estimated useful life of the improvements
- Max Lien-to-Value
- 90% (combined debt) for new developments / 95% for retrofits
- Max LTV/LTC:
- 25% of as completed value / 30% of total capitalized budget for new developments (higher for retrofits)
- Prepayment:
- No lockout but subject to a pre-negotiated fee
- Geography:
- Currently active in 24 states and D.C. States include: CA, CO, CT, DE, FL, IL, KY, MA, MD, MI, MN, MO, NE, NV, NY, OH, OK, OR, PA, RI, TX, UT, VA and WI.
FUNDING PROCESS
STAGE
DURATION
DESCRIPTION
- Pre-screen
- 1 Day
- Determine location and property type eligibility
- Analysis
- 1 Week
- Gather data and analyze projects viability and size C-PACE financing, issue term sheet
- Underwriting
- 2 - 4 Weeks
- Conduct customary due diligence, obtain lender consent from all capital stack participants and local Program Administrator
- Closing
- 2 - 3 Weeks
- Closing documentation and C-PACE assessment contract executed
- Total
- 5 - 8 Weeks
PRE-SCREEN REQUIREMENTS
- Property Address:
- Is location C-PACE eligible
- Project Type:
- New construction, retrofit or heavy gut rehab
- Property Type:
- Hotel, office, retail, multifamily, etc.
- Sources & Uses:
- How does C-PACE fit into the capital stack and what LTC is desired
- Pro Forma:
- What will coverage look like and estimated LTV on the exit be
- Scope of Work:
- To determine what costs are C-PACE eligible
- Sponsorship Info:
- Demonstrable track record of similar projects in scale and scope