Clearwater PACE is an institutionally capitalized direct lender providing low-cost, long-term, fixed-rate, non-recourse C-PACE financing to commercial real estate developers, investors, and owners across the United States.
Clearwater PACE was founded by investment professionals with deep expertise in real estate investment banking, structured finance, private credit, and private equity. We structure C-PACE as what it is: senior secured financing on the property tax bill, not a green energy subsidy.
Our institutional approach positions C-PACE as a capital stack optimization tool for sophisticated sponsors. By replacing more expensive mezzanine, preferred equity, and sponsor equity with low-cost, non-recourse C-PACE financing, we help borrowers reduce their blended cost of capital, preserve equity, and improve levered returns.
Backed by institutional capital, Clearwater originates, underwrites, and funds C-PACE assessments directly from our balance sheet. We cover all asset types, all active state programs, and all deal sizes from $500K to $500MM.
We originate, underwrite, and fund from our own institutional capital. No broker intermediation, no syndication delays, no uncertainty of execution.
Our team has $5B+ in transaction experience across structured credit, real estate investment banking, and private credit. We structure deals, not just process applications.
When eligible costs exceed A-note limits, we structure subordinate C-PACE B-notes, maximizing proceeds for sponsors while maintaining senior lender alignment.
Preliminary terms within days, not weeks. Our in-house credit process and direct capital access eliminate the back-and-forth that slows down competing platforms.
We work directly with senior lenders to navigate consent. C-PACE creates a synthetic A-note benefit for the mortgage, absorbing first-loss exposure that would otherwise sit with the senior position.
Hospitality, multifamily, industrial, office, retail, senior living, student housing, nonprofit, and special purpose. Every active C-PACE state program.
Reduced utilities and operating expenses often outweigh the annual C-PACE assessment, generating immediate positive carry for property owners.
Originated at a fraction of the cost of equity, preferred equity, and mezzanine debt, C-PACE directly improves IRR and equity multiples.
C-PACE replaces expensive equity in the capital stack with long-term, non-recourse financing of up to 100% of eligible project costs.
As a special assessment on the property tax bill, C-PACE is often recoverable from tenants through NNN leases or as a "green tax" pass-through to hotel guests.
C-PACE makes otherwise cost-prohibitive sustainability improvements financially viable, reducing carbon footprint while enhancing building performance.
C-PACE is not a mortgage instrument, providing borrowers with meaningful cost savings on recording taxes and related closing costs in applicable jurisdictions.
650 5th Ave., 11th Floor
New York, NY 10019
1900 Avenue of the Stars
Century City, CA 90067
Clearwater is an institutionally capitalized direct C-PACE lender focused on deploying fast, flexible capital for bold, sustainable projects spanning all asset types and geographies across the U.S.
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