C-PACE.com

What C-PACE.com does

Clearwater PACE, LLC, operating as C-PACE.com, is a direct, institutionally capitalized commercial real estate lender specializing in Commercial Property Assessed Clean Energy (C-PACE) financing. Founded in 2011 and headquartered in New York with a Los Angeles office, the company originates long-term, fixed-rate, non-recourse financing (terms up to 30 years) to commercial real estate developers, sponsors, and owners for energy efficiency, water conservation, renewable energy, and resiliency improvements across 40+ active U.S. state programs plus Washington, D.C. The C-PACE mechanism funds qualifying improvements as a senior-secured, non-accelerating tax assessment that transfers with the property, sits senior to all debt except real estate taxes, and is repaid through the property tax bill. Minimum check size is $5M, with deal sizes ranging up to $300-500M.

The platform differentiates structurally rather than technologically. Its proprietary features include A-Note/B-Note layering — where the B-note sits subordinate to the A-note but senior to other property debt — and the recently launched Stretch PACE construct that combines A-Note and B-Note tranches to achieve 55-65%+ loan-to-cost in select jurisdictions such as Florida, effectively competing with stretch senior and mezzanine capital. Up to 90% LTC is achievable on new construction and value-add (C-PACE plus senior mortgages), and up to 95% LTC on retrofit projects, with standard C-PACE capped at 40% LTC or 35% LTV (lesser of). Capital is sourced from an institutionally backed committed capital vehicle, most recently reinforced by a $300M Ares Management commitment in April 2026; the team additionally leverages an affiliation with AXCS Capital for cross-capital-stack structuring.

Revenue derives primarily from interest income on originated loans held on balance sheet and from origination and funding fees, with potential ancillary advisory revenue through AXCS Capital. The go-to-market is exclusively direct institutional sales — no broker intermediation — with preliminary terms delivered within 24 hours and a $1.5B+ pipeline as of mid-2025. The company is led by CEO Jonathan Seabolt and a small senior team, targeting CRE sponsors across hospitality, multifamily, industrial, office, retail, senior living, student housing, nonprofit, and special-purpose asset classes nationwide.

Name

C-PACE.com

Legal name

Clearwater PACE, LLC

Website

https://c-pace.com

Company type

Private

Founded year

2011

Operating status

Operating

Headcount range

1–10 employees

Short description

Clearwater PACE is a direct, institutionally capitalized C-PACE lender providing long-term, fixed-rate, non-recourse financing to commercial real estate developers, sponsors, and owners for energy efficiency and resiliency improvements across 40+ U.S. states.

Ownership category

akta.pro rank

Product category

Commercial Real Estate Green Financing

NAICS

Funds, Trusts, and Other Financial Vehicles (525), Other Financial Vehicles (52599)

SIC

Mortgage Bankers & Loan Correspondents (6162)

akta.pro primary industry

Energy Efficiency & Green Retrofit Financing (FSALAHAK)

akta.pro secondary industries

Construction & Development (C&D) Lending — Commercial/Multifamily (FSALADAH), Large-Cap / Sponsor Finance Direct Lending (FSANADAJ)

Keywords

• C-PACE financing
• Commercial real estate lending
• Green energy financing
• Property assessed clean energy
• Structured credit solutions

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. C-PACE Loan Interest and Fees: Clearwater PACE generates revenue through originating and servicing C-PACE loans as a direct balance sheet lender. Revenue derives from interest income on long-term fixed-rate loans (20-30 year terms) and associated loan origination and funding fees. The company is institutionally capitalized and originates from its own balance sheet without broker intermediation.
2. Capital Stack Advisory Services: Through affiliation with AXCS Capital, Clearwater provides structuring and capital markets expertise to optimize sponsor capital stacks, potentially generating advisory and structuring fees alongside loan origination.

Pricing tiers

Go-to-market motion2 records

Distribution channels1 record

Marketing channels4 records

Core offering

Clearwater PACE is a direct, institutionally capitalized C-PACE lender originating long-term, fixed-rate, non-recourse senior-secured financing for energy efficiency, water conservation, renewable energy, and resiliency improvements to commercial real estate. Financing is structured as a property tax assessment line item with terms up to 30 years, serving new construction, value-add/retrofit, and refinance use cases across 40+ active state programs plus D.C.

Product overview

Clearwater PACE operates as an institutional C-PACE financing platform providing long-term, fixed-rate, non-recourse financing backed by property tax assessments. The core product is C-PACE Financing, which encompasses New Construction, Value-Add/Retrofit, and Refinance use cases. The platform recently introduced Stretch PACE as an innovative extension combining A-Note and B-Note structures to achieve 55-65% LTC. The offering covers energy efficiency, water conservation, renewable energy, and resiliency improvements across 40+ states with minimum deal sizes starting at $5 million.

Differentiator

Problem solved

Functional benefit

Products and services

• C-PACE Financing Long-term, fixed-rate, non-recourse C-PACE financing for commercial real estate energy efficiency, water conservation, renewable energy, and resiliency improvements. Repaid as a line item on the property tax bill with terms up to 30 years. Targets commercial real estate developers, owners, and institutional sponsors across all asset types nationwide.
• Stretch PACE Extended leverage C-PACE structure combining A-Note (traditional tax-lien senior, ~40% LTC) with a B-Note (subordinate tranche) to reach 55-65%+ LTC, available in select jurisdictions like Florida. Designed for CRE sponsors seeking to replace stretch senior or mezzanine capital in the capital stack.

Quantifiable outcome

• Rates 50% less than mezz/pref alternatives
• +6 more outcomes

Segments5 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Scale indicators11 records

Recent moves5 records

Others

• Ares Management: Global alternative investment manager that recently committed $300M to Clearwater PACE. Functions as capital partner and credit allocator in the C-PACE ecosystem rather than direct competitor, but relevant given its scale and influence on Clearwater's deployment capacity.

Direct peers

• CleanFund Commercial PACE Capital: Direct C-PACE capital provider financing commercial energy, water, and resiliency improvements. Similar product set (new construction, retrofit, refinance) targeting CRE sponsors.
• CastleGreen Finance: Specialty C-PACE lender focused on energy efficiency and resiliency upgrades for commercial real estate. Comparable deal-size range and sponsor customer profile.
• Greenleaf Capital: Specialty finance firm providing C-PACE and other structured capital for commercial real estate sustainability projects. Comparable in product structure and institutional sponsor focus.
• Petros PACE Finance: One of the largest direct C-PACE lenders in the U.S., originating senior-secured C-PACE financing nationwide for new construction and retrofits. Closest direct competitor to Clearwater given similar balance-sheet direct-lender model and institutional positioning.
• PACE Equity Group: Direct C-PACE lender providing long-term fixed-rate financing for commercial energy efficiency and resiliency projects. Competes head-to-head with Clearwater on multi-state originations and similar institutional sponsor customer base.
• Nuveen Green Capital: Subsidiary of Nuveen/TIAA, one of the largest and most established institutional C-PACE lenders. Same direct balance-sheet model and target customer (institutional CRE sponsors), with materially deeper capital base from its parent.
• Counterpointe Sustainable Real Estate: Direct C-PACE lender (formerly C-PACE Capital, now part of Climate First Bank) focused on origination for institutional-grade commercial properties. Comparable in product breadth and customer targeting to Clearwater.
• Renew Financial: One of the original large-scale PACE program administrators and financiers, operating both residential and commercial PACE. Direct overlap in commercial C-PACE origination with Clearwater, though broader in scope.
• Ygrene Energy Fund: PACE financing provider active across multiple states, offering C-PACE and other property-improvement financing. Direct competitor for sponsor-led commercial PACE originations.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/commercialpace

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds1 record

Investors1 record

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

M&A

Investments

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

Frequently asked questions about C-PACE.com