Chameleon of the Capstack

Banks will tell you they've loosened their credit box. They've also quietly capped how many dollars they'll write you. In Part 2 of our senior living conversation, PACE Loan Group Managing Director Peter Grabell walks through the deals where C-PACE does the work nobody else in the stack wants to: clearing lender consent, freeing up bank capacity, and refinancing a bank partially out of a deal year...

An aging population is the most reliable demand story in real estate, so why do senior lenders still treat senior living like a problem child? Because someone has to operate it, and that makes banks nervous enough to cap leverage a full 10 points below a vanilla apartment building. In Episode 3 of The Chameleon of the Cap Stack, Peter Grabell, Managing Director and Head of Production at PACE Loan...

The largest indoor water park in North America draws 300,000 visitors a year, runs massive HVAC and water-recycling systems, and sits on the Atlantic City boardwalk. So how does that qualify as energy efficient and become the first C-PACE deal ever closed in the state of New Jersey? PLG CEO Rafi Golberstein and Head of Loan Structuring Jerry Ellis break down a Q4 hospitality run that ranged from t...

Most hotel capital stacks have three layers. This one had six: ground lease proceeds, C-PACE, mezz, preferred equity, common equity, and key money, and it still closed. PLG CEO Rafi Golberstein and Head of Loan Structuring Jerry Ellis walk through Q4's hospitality run: a Hyatt House in Orlando connected by SkyBridge to a 1.74M-attendee convention center, and an $800-a-night unflagged luxury inn in...

Data centers consume massive power, but does that make them ineligible for green financing? This one draws 20+ megawatts daily, making it the single largest power consumer in downtown Kansas City. It still qualified for $100 million in C-PACE. PLG CEO Rafi Golberstein and SVP Robbie Pinkas break down how direct-to-chip cooling, upgraded chillers, and Kansas City's underground chilled water infrast...

A defunct Kansas City printing press. 25 megawatts of untapped grid power. A young developer with vision but limited liquidity. In this episode, SVP Robbie Pinkas walks through how he turned a gut instinct about data centers and C-PACE into a $100 million assessment—structuring retroactive proceeds to fund the property acquisition while financing the remaining build-out. The deal closed in under 1...