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.
Counterpointe Sustainable Real Estate provided two C-PACE loans, totaling $156 million, to help finance the construction of two film and production studios in Brooklyn, New York. From the total proceeds, $88 million will fund the development of a 355,000 square-foot film studio with six soundstages in Bushwick. The remaining $68 million will support the development of a 246,000 square-foot studio with four soundstages in Red Hook. Both studios will offer space for post-production offices and set-building areas.
The buildings are designed to meet New York City’s zoning code’s “Ultra Low Energy Building” standard, meaning the buildings will be all-electric (no on-site fossil fuel consumption) and will reduce energy usage by at least 15% from baseline NYC energy code. Both buildings are expected to have solar panels that will offset approximately 25% of energy usage. NYCEEC serves as Administrator of New York City’s C-PACE Program. While the NYC C-PACE Program has permitted the financing of qualifying building retrofit projects since its launch in 2021, the Program was amended in 2024 to allow for the financing of qualifying new construction projects.
