C-PACE provides owners and developers with low-cost, long term, fixed-rate financing to improve energy efficiency, water conservation, and renewable energy projects
Harris Shelton Hanover Walsh, PLLC, one of Memphis’ largest law firms, recently announced the expansion of its C-PACE practice area, led by attorneys Tricia Adrian, Allison Gilbert, Billy Moss, and Will Brantley. Collectively, the group has more than four decades of experience in various aspects of commercial real estate.
C-PACE, or C-PACER in Tennessee, is shorthand for “Commercial Property Assessed Clean Energy and Resilience.” In T.C.A. § 68-205-101, the state’s addition of “R” to the acronym emphasizes allowing resiliency improvements.
“Offices, mixed-use developments, hotels, and apartment buildings are just a few of the kinds of properties that qualify for C-PACE financing,” said Adrian. “There is a wealth of opportunity for improvement projects including, but not limited to, more efficient building fenestration, HVAC upgrades, and even the implementation of solar power.”
Harris Shelton will assist counties and municipalities across the state with understanding, creating, and administering their own C-PACE programs. The practice group will continue to work with lenders and developers in C-PACE financing transactions, too.
The program provides an alternative path for property owners and developers to improve the energy efficiency of their buildings with low-cost financing provided by private lenders. Loan funds are paid back over time with a voluntary assessment on the property.
“As C-PACER becomes a more known financing model for property owners and developers, the economic benefit will continue to expand,” said Gilbert. “Statewide, there are ample opportunities for counties and municipalities to take advantage.”