Question 1

What's the real cost of getting a debt fund rated?

Accepted Answer

Honestly? Probably not at sub-$300M. The rating process is expensive in both fees and the operational overhead it forces — you'll need reporting and risk infrastructure that's heavy for a fund your size. The math flips around $500M+, where the insurance capital it unlocks more than pays for the apparatus. Below that,…

Question 2

Is C-PACE worth the brain damage for a mid-size value-add deal?

Accepted Answer

C-PACE pencils when three things line up: your senior is one of the (growing but still short) list of lenders with a standard consent process, your energy scope is genuinely 15%+ of project cost, and you can hold through the assessment's prepayment window. On a $14M conversion, the consent fight is usually two to four…

Questions & Answers

What's the real cost of getting a debt fund rated?

Is C-PACE worth the brain damage for a mid-size value-add deal?