2023 C-PACE Year in Review Released

Philadelphia C-PACE released its 4th annual C-PACE Year in Review. The program reached $200 million in closed deals at the end of 2023, doubling the total dollar volume of deals closed in just one year. Additional highlights from the report include:

  • All six projects that closed in Philadelphia in 2023 were 100% multifamily or mixed use including multifamily, demonstrating the importance of C-PACE expansion in 2022 which added multifamily properties as an eligible building type
  • C-PACE projects are outpacing energy code, using between 19% and 45% less energy than a code-built building
  • As Nuveen Green Capital continued to originate the majority of Philadelphia projects, PACE Equity and Northbridge ESG closed their first C-PACE deals in Philadelphia.  PEA is looking forward to repeat deals from these C-PACE lenders and encourages other C-PACE capital providers to expand into Philadelphia

Read the full report here.