As the Connect New York Apartments Investment & Finance 2026 conference approaches, capital providers and borrowers are preparing to examine how banks, agencies, debt funds and private lenders are positioning themselves in today’s multifamily market. One area drawing heightened attention is Commercial Property Assessed Clean Energy (C-PACE) financing, with Christian DeLisle, SVP of originations at PACE Loan Group, set to share his insights during the “Multifamily Capital Markets: Financing the Next Cycle” session on October 22.
DeLisle brings two decades of experience as a commercial real estate lender to his current role in originating C-PACE loans. He notes that a long tenure in traditional CRE finance has helped him understand how the entire capital stack fits together and where C-PACE can be additive. In his view, C-PACE can enhance a borrower’s internal rate of return at the property level while working alongside senior lenders by supporting overall proceeds and leveraged cash flow, rather than competing with first-lien debt.
According to DeLisle, C-PACE loan volume has risen substantially as more of the market becomes familiar with the product. He characterizes the sector as a relatively new participant in project finance that required sustained outreach and education before broader adoption. As lenders and borrowers gain clarity about what C-PACE can provide, including how it aligns with other forms of capital and the risk profile associated with layering it into transactions, both interest and closed deals have increased.
Even as use of C-PACE becomes more commonplace compared with a decade ago, DeLisle sees an ongoing learning curve. He says the product is evolving quickly, with use cases today more diverse than even 12 months ago. Borrowers and lending partners are adjusting to this evolution as they work to understand which projects qualify, potential proceeds, and execution timing. DeLisle emphasizes that PLG focuses on educating borrowers about eligibility and capital outcomes, and lenders about how C-PACE behaves in downside scenarios, aiming to clarify the structure’s unique features and benefits.
Looking ahead, DeLisle identifies office conversion projects in urban markets as a key growth area for C-PACE, citing the high construction budgets that often accompany these redevelopments. He also underscores that C-PACE is not limited to one stage of the development cycle: the financing can be applied to ground-up projects, mid-construction deals and certain refinancings via a look-back feature that is available in many states. Beyond multifamily, he notes that PLG lends across major asset classes and that C-PACE is increasingly emerging as a financing option for transactions with lower debt-to-value ratios and strong equity commitments.
Conference attendees will have an opportunity to hear more from DeLisle and Gary Bechtel of Red Oak Capital Holdings as they discuss capital formation strategies for New York multifamily’s next cycle at Connect New York Apartments Investment & Finance on October 22, alongside a broader group of owners, lenders and investors.
