Bayview Arranges $13.1 Million C-PACE Financing for Condominium Development in Huntington Beach CA
Much-needed housing for Southern California market gets boost from C-PACE funding
Coral Gables FL and Huntington Beach, CA (April 21, 2023) – Bayview Asset Management (“Bayview”) today announced the closing of $13.1 million in an innovative refinance of a new condominium development under construction at 414 & 424 Main St., Huntington Beach, CA.
C3 Development, project sponsor for the Shorehouse Condominiums, is using the C-PACE proceeds to refinance the existing lender’s loan balance and complete construction on the property. The project includes 20 luxury condos, a 4,600 square-foot ground-floor retail space and 46 covered parking stalls. The overall project cost is $40 million and construction is expected to be completed in Fall 2023. The general contractor is Abbeyside Construction, Inc.
Huntington Beach is a supply-constrained housing market that also serves adjacent markets including Newport Beach and Laguna Beach, and offers an exceptional location and amenities.
“Great project sponsors like C3 are increasingly finding C-PACE as a key part of the capital stack to optimize funding sources and go forward with construction,” said Bayview’s Jason Clouet. “With Bayview’s solid backing of institutional funding, we’re anticipating even more demand for C-PACE in a variety of commercial real estate finance needs.”
C-PACE offers unusual flexibility and beneficial terms for qualified improvements in energy, lighting, water systems, building envelope and other resiliency components.
Commercial Property-Assessed Clean Energy financing (C-PACE) has been approved through legislation in 38 states, gaining popularity among real estate owners and the financial institutions looking to serve them.