In March 2026, CounterpointeSRE provided the first C-PACE loan to a multifamily cooperative property in New York City, marking a major milestone and unlocking a long-constrained pathway to finance decarbonization. The $1 million financing will enable the 36-unit Upper West Side cooperative to replace its aging oil-fired boiler with high-efficiency heat pumps for heating, cooling, and domestic hot water. This upgrade supports improved overall building performance for the owners and tenants.
Beyond the physical upgrades, the transaction demonstrates how C-PACE Financing can overcome traditional barriers for co-ops, including the need for mortgage lender consent and the challenge of funding capital improvements without refinancing debt. By structuring repayment through a long-term property tax assessment, the co-op is able to preserve its underlying mortgage while bringing it into Local Law 97 compliance through 2050. The upgrades are expected to reduce fossil fuel use by an estimated 66%, which could lead to an annual savings of over $20,000 in utility bills and up to over $40,000 in Annual Local Law 97 avoided penalties.