X-Caliber and Affiliate CastleGreen Finance Launch Rural PACE-X

Proprietary Cross-Platform Lending Product Can Offer up to 85% LTC
BusinessWireSeptember 16, 20243 min

X-Caliber, a national, direct commercial real estate lender focused on impact lending, announced today the launch of Rural PACE-X, a new, proprietary lending product that partners two of its platforms to provide one effective solution.

Rural PACE-X provides high-leverage financing for ground-up construction projects in micro-rural areas. It combines X-Caliberā€™s conventional senior-secured funding with CastleGreenā€™s Commercial Property Assessed Clean Energy (C-PACE) financing.

ā€œRural PACE-X supports a triple-threat social benefit for rural communities by encouraging economic development and creating jobs while promoting energy efficiency and sustainability,ā€ said Sal Tarsia, Managing Partner, CastleGreen Finance.

Funds are intended to provide construction-through-stabilization financing for up to five years.

ā€œThis product allows us to combine highly effective solutions for our clients in underserved areas,ā€ said X-Caliber Rural Capitalā€™s Co-Founder Jordan Blanchard. ā€œX-Caliber Rural Capital is the number one USDA Lender in the nation, and we recognized how pairing these two products could support larger projects in micro-rural areas that are also located in states where C-PACE is active.ā€

Rural PACE-X is available for most commercial real estate projects including hospitality, manufacturing, office, warehouse and logistics, flex, retail, mixed-use, multifamily, medical, senior care, and public works projects.

Here are some of the productā€™s highlights:

  • Restricted to areas with populations under 20,000 and not part of a Metropolitan Statistical Area
  • Ideal for states and localities that allow C-PACE (to achieve the highest loan-to-cost)
  • Minimum project size $20MM, no maximum project size
  • 75% to 85% LTC depending on the local statutes related to C-PACE
  • Eligible for any fee simple real estate project that pays property taxes including hospitality, manufacturing, office, warehouse and logistics, flex, retail, mixed-use, multifamily

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