May 27, 2024

Bayview PACE’s $15.5 Million in C-PACE Enables Start of Construction on 63-unit Los Angeles Multifamily Project

Adding C-PACE to the capital stack fills gap of higher-cost alternatives so commercial real estate projects can begin construction, says Bayview

Coral Gables, FL and Monterey Park, CA – Bayview PACE today announced providing $15.5 million in C-PACE financing for Whitmore Villa, a $52 million multi-family housing development just outside Los Angeles developed by Chateau Group on behalf of project sponsor GreenState Holdings, Inc.

Whitmore Villa, located at 126 New Avenue, Monterey Park, CA, will include 63 two-story units in two construction phases. According to the development team, the 23 units in Phase 1 will potentially be sold as condos. Along with highest-quality design and construction, Whitmore Villa will feature generous layouts including 3-bedroom homes ranging from 1,346 square feet of space to 1,522 square feet, and 2-bedrooms ranging from 1,195 to 1,373 square feet.  The new community will include a dog park, dedicated space for bike storage and maintenance, and subterranean garages with a total of 166 parking spaces. 

“Our C-PACE funding participation in this beautiful new multi-family housing illustrates the flexibility and benefits of C-PACE to help projects go forward amid today’s tight credit markets,” said Jason Clouet of Bayview PACE.  “While many housing developments have been stalled by high interest rates, C-PACE fills a gap by offering competitive terms for qualified improvements such as lighting, water systems, building envelope and other components. Whether packaged with sponsor equity, traditional construction loan or interim/bridge financing, it’s an ideal solution.”

“C-PACE works across the commercial real estate spectrum,” he added. “Our end-to-end financing capabilities deliver a market-leading solution for commercial projects of all kinds, from student, senior and multi-family housing to industrial, hospitality, retail, office, mixed-use and more.”

Bayview has worked with Chateau Group on several prior projects including the 33-unit Irolo Heights condominium development in Los Angeles and the Le Meridian Arcadia, a full-service hotel with 232 guest rooms, event space, a fitness center, a swimming pool and European-Asian fusion restaurant, Mélange.

Commercial Property-Assessed Clean Energy financing (C-PACE) offers favorable and cost-effective terms and can be applied to new construction as well as renovations. C-PACE funding is versatile and applicable across all commercial property types, for both new and recently completed properties depending on the local state C-PACE program, according to Bayview.

About Bayview PACE

Bayview PACE offers creative financing solutions that combine construction, bridge and CPACE lending. Unlike most PACE-only providers, Bayview PACE works with commercial property owners and developers to provide a full capital stack solution. Bayview PACE is a division of Silver Hill Funding, LLC.  NMLS# 1564077  Please visit

About Chateau Group

Since its inception in 2004, Chateau Group has earned a reputation as a leader in high-end community and commercial development and construction by providing exceptional design and quality of work. Identifying a market gap for high-quality, professionally-managed construction, Chateau Group has sought to build a bridge between consumer and developer, providing beautifully crafted, luxurious and eco-friendly designs in prestigious communities throughout Southern California. Chateau has completed over 44 commercial projects and 73 residential projects. For more information, visit