X-Caliber and CastleGreen Team Up to Transform Rural Financing
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X-Caliber and CastleGreen Finance Collaborate on Rural Lending
X-Caliber, a leader in direct commercial real estate lending focused on impact lending, has unveiled Rural PACE-X, a unique lending product designed to meet the needs of underserved communities. This initiative marks a significant collaboration with CastleGreen Finance, combining two established lending platforms to present an effective solution for rural economic development.
Understanding the Rural PACE-X Initiative
Rural PACE-X aims to offer high-leverage financing options specifically tailored for construction projects in micro-rural areas. This innovative product merges X-Caliber’s conventional senior-secured funding with CastleGreen’s Commercial Property Assessed Clean Energy (C-PACE) financing, effectively bridging the financing gap in these regions.
Boosting Economic Development
“Rural PACE-X supports a triple-threat social benefit for rural communities by encouraging economic development and creating jobs while promoting energy efficiency and sustainability,” stated Sal Tarsia, Managing Partner at CastleGreen Finance. This emphasis on employment and sustainability showcases the broader impact of such financial products on the communities they serve.
Financing Features of Rural PACE-X
The funds provided through Rural PACE-X are designed to facilitate construction financing through to stabilization for a term of up to five years. This flexible financing option allows for a range of commercial projects, including hospitality, manufacturing, and healthcare, to thrive.
A Comprehensive Approach to Financing
“This product allows us to combine highly effective solutions for our clients in underserved areas,” explained Jordan Blanchard, Co-Founder of X-Caliber Rural Capital. Recognized as the top USDA lender nationally, X-Caliber understands the unique challenges in these areas. The synergy of both funding types in Rural PACE-X empowers larger projects in micro-rural areas that utilize C-PACE.
Eligibility and Key Highlights
Rural PACE-X is accessible to most commercial real estate projects providing various benefits:
- Focuses on areas with populations under 20,000, excluding Metropolitan Statistical Areas.
- Targets states and localities supportive of C-PACE, enhancing loan-to-cost ratios.
- Minimum project size is set at $20 million, with no capped maximum.
- Offers loan-to-cost ratios ranging from 75% to 85%, depending on local C-PACE regulations.
- Covers various eligible projects, including hospitality, manufacturing, healthcare, and mixed-use developments.
About X-Caliber Capital
X-Caliber Capital Holdings LLC (“X-Caliber”) is reputable in the commercial real estate financing sector. The company provides direct mortgage lending services and supports diverse and innovative financing platforms including FHA, bridge, USDA, and C-PACE financing.
About CastleGreen Finance
CastleGreen Finance, an affiliate of X-Caliber, plays a pivotal role in integrating green energy and sustainability into commercial real estate. By offering effective financing solutions, CastleGreen empowers property owners to enhance their projects with sustainable practices and carbon emission reduction strategies.
Frequently Asked Questions
What is Rural PACE-X?
Rural PACE-X is a proprietary lending product aimed at financing construction projects in micro-rural areas, combining conventional funding with C-PACE solutions.
Who can benefit from Rural PACE-X?
Commercial projects including hospitality, manufacturing, and healthcare that meet specific eligibility requirements can benefit from this financing.
What makes Rural PACE-X unique?
It uniquely blends traditional financing methods with sustainable energy funding, serving communities that are often underserved.
How long is the financing term for Rural PACE-X?
The financing term for projects under Rural PACE-X can extend up to five years.
What types of projects are eligible for funding?
Eligible projects include hospitality, medical, multifamily, retail, and more, provided they align with specific criteria outlined in the program.
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