C-PACE Financing is the mechanism with which projects can obtain long-term debt for energy efficiency and renewable energy through an assessment on the property tax bill.
NYCEEC is pleased to announce a new milestone for the NYC Accelerator C-PACE Financing Program: the Program’s first-ever C-PACE financing for a multifamily building in New York City. This achievement underscores the growing viability of C-PACE as a powerful tool to support energy upgrades, building electrification, and compliance with Local Law 97 across the City’s building stock.
North Bridge, a national C-PACE lender, provided an $8.5 million loan to JEMB Realty Corporation to support key energy infrastructure upgrades to Herald Towers, a 690-unit apartment complex in Midtown Manhattan. This project includes replacing legacy heating and cooling systems with high-efficiency electric equipment – improvements expected to reduce the building’s carbon emissions and operating expenses while enhancing long-term performance and asset value.
This transaction establishes a new precedent for multifamily C-PACE projects in New York City, demonstrating the Program’s ability to finance building upgrades and support the City’s electrification and housing goals. NYCEEC, as the City’s designated administrator of the NYC Accelerator C-PACE Financing Program, looks forward to supporting additional owners and lenders in bringing more capital improvement projects to life across New York City.
Photos courtesy of JEMB Realty
For questions regarding C-PACE financing for retrofit and new construction projects, please contact the NYC Accelerator PACE Program at info@accelerator.nyc.
For questions regarding updates to the New York City PACE Program guidance, please contact the Program Administrator at PACE@nyceec.com.
