Bayview PACE provided $11.8MM in C-PACE financing for a 36-unit boutique luxury condominium complex. Total Project Cost: $40MM

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Project Description

Recent Closing Profile – Condominium Project in Hollywood, FL

Total Project Cost: $40MM

Bayview PACE provided $11.8MM in C-PACE financing for a 36-unit boutique luxury beachside condominium complex in Hollywood, FL. Bayview provided an aggressively low, fixed rate loan for a 30 year term with a long interest only period.

Pace In Action

Problem

The borrower was looking for a low cost option to fill a gap above the construction lender’s maximum proceeds. They had considered C-PACE but needed a solution for how to apply C-PACE in a for sale condominium project.

PACE Solution

Bayview PACE structured a unique disbursement and release mechanism with the senior lender and the PACE program administrator that enabled C-PACE to be used for construction financing of condominiums. Additionally, Bayview was able to maximize PACE proceeds to provide the owner with a higher LTC and bring down their total cost of capital.