First ever C-PACE for a co-op building closes in New York City

“Closing the first-ever C-PACE transaction for a co-op in New York City is a real milestone for the multifamily real estate market,” said Michele Pitale, MD, Head of C-PACE and Healthcare Finance at CounterpointeSRE. “Co-ops have historically faced structural barriers to accessing long-term, low-cost capital for sustainability upgrades. This financing demonstrates that C-PACE can unlock a new pathway for these buildings in their approach to decarbonization and meeting mandates like LL97.”

The closing of this milestone transaction was aided by guidance from New York’s C-PACE program administrator, the New York City Energy Efficiency Corporation (NYCEEC), along with support from the Mayor’s Office of Climate and Environmental Justice (MOCEJ).

“This first New York City PACE transaction for a cooperative apartment building is an important milestone for the Program, demonstrating that PACE financing works for co-ops, benefiting building residents and advancing the City’s policy goals. NYCEEC congratulates Counterpointe on closing the first PACE loan, of what is expected to be many, for a cooperative building in New York City.” – NYCEEC

“Closing the first co-op C-PACE deal is a breakthrough for building decarbonization in New York City. Co-ops have been one of the hardest segments to finance, and this shows the barrier is not insurmountable. Unlocking this market is essential if we want these financing tools to reach beyond the segments that are already well served” – Ivy Trzebucki, Director Climate Financing Strategist, MOCEJ