What CastleGreen Finance does

CastleGreen Finance, LLC is a private Commercial Property Assessed Clean Energy (C-PACE) lender founded in 2021 by Sal Tarsia and headquartered in Irvington, New York. The company provides long-term, fixed-rate financing (10-30 year terms) for energy efficiency, renewable energy, water conservation, seismic strengthening, and sustainable building improvements on commercial properties, with capital repaid through voluntary property tax assessments. CastleGreen operates in 39 states where C-PACE legislation is active, leveraging approved-lender status with state administrators including Connecticut Green Bank, California Statewide Communities Development Authority (CSCDA), Energy Improvement Corporation (EIC) of New York, and the NYC Accelerator program. Transaction sizes range from $1.5 million to over $285 million across hospitality, multifamily, senior housing, healthcare, industrial/cold storage, agricultural processing, and commercial retail assets.

The company's core product suite includes C-PACE financing for new construction, solar PV systems, high-performance HVAC, energy-efficient lighting, thermal facade insulation, and seismic retrofitting, supplemented by specialized offerings such as Rural PACE-X and NYC Local Law 97 compliance financing. CastleGreen monetizes through origination fees (1% on assessments over $1M), construction asset management fees ($500 per disbursement), asset servicing fees (0.10%-0.25% by assessment size), lien recordation fees, interest income on held assessments, and joint financing economics from its strategic affiliate partnership with X-Caliber Capital — a separate CRE direct lender providing first-mortgage financing alongside CastleGreen's C-PACE capital. Co-Managing Partner Chris Callahan leads X-Caliber, and the combined platform offers developers a single-source capital stack solution spanning conventional senior debt and C-PACE.

Name

CastleGreen Finance

Legal name

CastleGreen Finance, LLC

Website

https://castlegreenfinance.com

Company type

Private

Founded year

2021

Operating status

Operating

Headcount range

1–10 employees

Short description

CastleGreen Finance is a private C-PACE lender providing long-term fixed-rate financing for energy efficiency, renewable energy, and seismic improvements on commercial properties across 39 US states, partnering with affiliate X-Caliber Capital to offer combined first-mortgage and C-PACE capital stack solutions to commercial real estate developers.

Ownership category

akta.pro rank

Product category

Commercial PACE Financing

NAICS

Sales Financing (52222)

SIC

Mortgage Bankers & Loan Correspondents (6162)

akta.pro primary industry

Merchant Cash Advance (MCA) & Revenue-Based Financing (FSAKAGAD)

Keywords

• C-PACE financing
• Commercial real estate lending
• Energy efficiency financing
• Property assessed clean energy
• Sustainable building financing

Headquarters

HQ city

Irvington

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales

Revenue model

1. C-PACE Origination Fees: CastleGreen Finance earns origination fees on C-PACE transactions. Base program fees of 1% for assessments over $1,000,000, with construction asset management services at $500 per disbursement request. Asset servicing fees range from 0.25% (for $1M-$10M assessments) down to 0.10% (for $25M+ assessments). Lien recordation fees of $150-$200 per parcel.
2. Interest Income on C-PACE Assessments: Long-term fixed-rate financing (terms of 10-30 years) generates interest income on the C-PACE assessment amounts. Interest rates determined at closing, with example of 5.75% floor or treasury yield plus 339 basis points for certain transactions.
3. Joint Financing with X-Caliber: Strategic partnership with affiliate X-Caliber Capital provides complementary first mortgage financing alongside C-PACE financing, creating comprehensive capital stack solutions for property developers. X-Caliber provides conventional senior-secured financing while CastleGreen provides C-PACE financing.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels7 records

Core offering

CastleGreen Finance originates and services C-PACE (Commercial Property Assessed Clean Energy) assessments, providing long-term, fixed-rate, property-tax-based financing to commercial property owners and developers for energy efficiency, renewable energy, water conservation, and seismic improvements. Deal sizes range from $1.5M to $285M+, with financing structured to fit within a broader capital stack assembled in partnership with affiliate X-Caliber Capital.

Product overview

CastleGreen Finance operates as a C-PACE (Commercial Property Assessed Clean Energy) financing company in partnership with X-Caliber, offering a suite of sustainable energy financing products. The core product is C-PACE Financing, which provides long-term, fixed-rate capital for energy efficiency improvements repaid through property tax assessments. Supporting modules include New Construction Financing for ground-up green building projects, Solar Photovoltaic Systems Financing, High Performance HVAC Systems Financing, Energy Efficient Lighting Financing, Thermal Facade and Reflective Glass Financing, Seismic Strengthening Financing, and NYC Local Law 97 Compliance Financing. These products are designed for commercial real estate property owners and developers seeking to reduce energy costs, lower carbon emissions, and improve building performance while accessing affordable capital through the C-PACE program.

Differentiator

Problem solved

Functional benefit

Products and services

• C-PACE Financing Long-term fixed-rate financing (10–30 year terms) repaid through voluntary property tax assessments on commercial real estate, funding energy efficiency, renewable energy, water conservation, and seismic improvements across 39 active U.S. C-PACE states. Designed for commercial property owners and developers seeking non-recourse, no-financial-covenant capital that covers 20%–40% of project hard and soft costs.
• New Construction C-PACE Financing C-PACE financing for ground-up construction projects that incorporate green building designs and sustainable energy solutions, covering 20% to 40% of hard and soft costs for commercial new-build projects.
• Solar Photovoltaic Systems Financing C-PACE financing for commercial solar PV installations, covering hardware, installation, consulting, engineering fees, advisory costs, roof-strengthening measures, and electrical system enhancements, with terms extendable up to 30 years.
• High Performance HVAC Systems Financing C-PACE financing for high-efficiency HVAC systems including heat pumps, water heaters, chillers, central air conditioning, building automation, smart thermostats, VRF systems, and energy recovery ventilators at commercial properties.
• Energy Efficient Lighting Financing C-PACE financing for commercial LED lighting upgrades that reduce energy consumption, lower operational costs, and decrease HVAC load by producing 70–90% less heat than incandescent lighting.
• Thermal Facade and Reflective Glass Financing C-PACE financing for thermal insulation, reflective glass windows, Low-E coatings, and building envelope improvements that maintain stable indoor temperatures and reduce energy consumption.
• Seismic Strengthening and Reinforcement Financing C-PACE financing for seismic retrofitting, structural reinforcement, and resilience improvements including steel braces, shear walls, base isolators, dampers, and wind mitigation measures at commercial properties.
• NYC Local Law 97 Compliance Financing C-PACE financing specifically designed to help NYC property owners comply with Local Law 97 carbon emission reduction requirements, covering energy-efficient lighting, HVAC systems, solar PV, and building envelope upgrades for New York City buildings.

Quantifiable outcome

• 247.2 metric tons of carbon dioxide per year reduction (Breakers Hotel C-PACE improvements)
• +4 more outcomes

Named customers18 records

Segments5 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Nine partnerships are on record, tiered core, major and minor.

• X-Caliber Capital Holdings LLCcoreStrategic or Co-development PartnerStrategic affiliate partnership where X-Caliber provides first mortgage, renovation, and construction financing while CastleGreen Finance provides C-PACE financing. Together they offer one-stop transaction solutions for commercial real estate projects. X-Caliber is a nationally recognized direct lender with 30 years of experience and principals who have provided capital in excess of $80 billion to commercial real estate. Chris Callahan is President and CEO of X-Caliber and Managing Partner of CastleGreen Finance.
• Connecticut Green BankcoreStrategic or Co-development PartnerProgram administrator for the state of Connecticut C-PACE program. Partnered with CastleGreen Finance on the One Park Road project, the largest C-PACE transaction in Connecticut at $13.7 million. Bryan Garcia serves as President and CEO of Connecticut Green Bank.
• California Statewide Communities Development Authority (CSCDA)coreStrategic or Co-development PartnerJoint powers authority administering the Open PACE Program statewide in California. CastleGreen Finance is an approved C-PACE lender under CSCDA's Open PACE Program which finances energy efficiency, renewable energy, water conservation, and seismic improvements. The Breakers Hotel transaction ($94MM total, $45.5MM C-PACE) was the largest single asset C-PACE transaction in California history.
• Lexington Partners LLCmajorStrategic or Co-development PartnerProperty developer partner for One Park Road, West Hartford CT - a $13.7 million C-PACE transaction and largest C-PACE project in Connecticut. Lexington Partners LLC, led by Martin J. Kenny, President, is described as a key player in revitalization of the Park Road business district.
• Pacific6 EnterprisesmajorStrategic or Co-development PartnerLong Beach-based investment and development partnership that purchased the Breakers Hotel in 2017 for redevelopment. Led by John Molina, the firm focuses on projects bringing positive economic and social advancement to local communities. CastleGreen and X-Caliber provided $94MM joint financing for the $167MM renovation project.
• BerkadiaminorChannel Partner/ Reseller/ DistributorCommercial real estate financing arranged by Berkadia. Matt Raptosh, Managing Director, arranged the Breakers Hotel transaction financing. Described as providing best-in-class service in facilitating complex deal closure.
• Reef Capital PartnersmajorStrategic or Co-development PartnerDeveloper of the Coco Palms Resort redevelopment in Kauai, Hawaii. X-Caliber and CastleGreen Finance provided $431 million in Rural PACE-X financing for the 351-room hotel project.
• HighgateminorStrategic or Co-development PartnerHotel operator for the Coco Palms Resort redevelopment project in Kauai, Hawaii. The $431 million financing package includes $245.35 million in C-PACE financing through CastleGreen Finance.
• Energy Improvement Corporation (EIC)coreStrategic or Co-development PartnerNew York State agency administering the C-PACE program since 2009. CastleGreen Finance works with EIC to provide C-PACE financing for projects in New York, including new construction following 2020 legislation expansion.

Scale indicators6 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• PACE Equity: C-PACE capital provider serving commercial and multifamily properties with energy efficiency and renewable upgrades. Comparable deal sizes, target developers, and product structure.
• Ygrene Energy Fund: One of the largest C-PACE originators in the U.S., offering long-term fixed-rate financing for energy efficiency and seismic improvements on commercial properties. Competes head-to-head on similar multi-state commercial deals.
• Greenworks Lending: C-PACE financing provider operating across multiple states with a focus on commercial property owners and developers. Direct overlap on product, geography, and customer segment.
• Petros PACE Finance: National C-PACE direct lender covering most active states, focused on commercial real estate and large developers. Directly comparable in product scope, deal sizes, and target customer base.
• CleanFund: National C-PACE capital provider serving commercial property owners across multiple states. Comparable product offering and customer base, focused on energy efficiency, water, and renewable upgrades.
• Counterpointe Sustainable Real Estate: Former employer of nearly the entire CastleGreen team and a direct C-PACE originator/underwriter in the same states. Closest peer because CastleGreen's playbook, products, and personnel originated there, and it competes for the same large C-PACE mandates.
• PACE Funding Group: C-PACE lender active in many of the same states, providing similar long-term fixed-rate financing for commercial energy efficiency and resiliency improvements. Direct competitor for mid-market commercial C-PACE deals.

Others

• X-Caliber Capital Holdings: Strategic affiliate rather than competitor. Provides the conventional senior mortgage piece that CastleGreen pairs with C-PACE; their capital deployment model and CRE relationships materially shape CastleGreen's deal flow.

Broad incumbents

• Nuveen Green Capital: Large, well-capitalized C-PACE and green building lender owned by TIAA. Competes for the same institutional commercial property owners and developers, but with materially larger balance sheet capacity and broader product suite.
• Hannon Armstrong (Sustainable Real Estate): Public infrastructure and clean energy investor whose Sustainable Real Estate business was the parent of CounterpointeSRE. Competes indirectly through capital provision for C-PACE and broader climate infrastructure investments.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/castlegreen-finance

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about CastleGreen Finance