CleanFund’s C-PACE Financing Enables Seagate Properties to Make Energy Improvements on Two Suburban Office Buildings

CleanFund Commercial PACE Capital, Property Assessed Clean Energy, Marin County, Seagate Properties, San Rafael, Sausalito, Property Assessed Clean Energy, District of Columbia,
3030 Bridgeway - Seagate - CleanFund financing

Commercial PACE financing outfits San Rafael & Sausalito properties with energy improvements at favorable rates, longer terms

SAN RAFAEL/SAUSALITO, Calif., May 2018 — CleanFund Commercial PACE Capital, Inc., the leading nationwide direct provider of commercial Property Assessed Clean Energy (“C-PACE”) financing, announced today the funding of two projects in Marin County, California. CleanFund provided capital to Seagate Properties for building upgrades that will improve the properties’ cash flows and value through reduced energy and operating costs. CleanFund has a successful 9-year track record of funding commercial property upgrades nationally, delivering an easy and affordable platform for owners to avoid upfront costs associated with rehab projects that address energy, environmental and resiliency improvements. Value-added commercial real estate investments have the promise of significant upside with the right amount of TLC and market repositioning.

Seagate Properties utilized CleanFund’s 30-year C-PACE financing to install a 49.6 kW solar PV array and other improvements related to the building’s heating and cooling systems. Seagate, a prolific owner-developer active in the Western United States, maintains its headquarters in the San Rafael, CA building. In addition, Seagate recently upgraded another suburban office building in Sausalito, CA with a 76 kW solar PV array also utilizing CleanFund’s C-PACE financing.

980 Fifth Avenue – Seagate – Cleanfund implementation

“In real estate, especially on the commercial side, no two deals are the same, so our main goal with every project is to create value at the property level,” said Mark Polite, principal at Seagate Properties and proponent of C-PACE financing. “Instead of having to source capital upfront, the main advantage of CleanFund’s C-PACE financing is having easy access to long-term financing that stays with the property. It’s a real plus to be able to amortize the financing over 30-years, making it much easier to maximize the cash flow benefits of the improvements being made to a specific property. In addition to that, it’s cheaper than other forms of capital, like mezzanine debt or equity.”

“There’s always the need to have up-to-date roofing, HVAC, lighting and any other systems related to energy efficiency while also increasing NOI and the value of our assets,” added Polite. “We plan to expand C-PACE applications to our other properties where it makes sense.”

“We are very excited to have enabled lower operating expenses for Seagate,” said Greg Saunders, CEO of CleanFund. “Commercial PACE financing is a powerful public-private legal framework for communities and companies to create jobs, economic growth, and lowered carbon emissions – all without using government money.”

Property Assessed Clean Energy (PACE) was introduced in California in 2008 as a form of voluntary parcel tax assessment financing to fund qualifying improvements that reduce energy and water usage, and that provide seismic and other resiliency benefits to the built environment. C-PACE financing, which has been adopted in 33 states and the District of Columbia, allows property owners to repay qualified investments for building upgrades and new construction as a line item on their ordinary property tax bills.”

About CleanFund
Sausalito, CA-based CleanFund Commercial PACE Capital is the leading direct provider of long-term financing for energy efficiency, water conservation, renewable energy and seismic improvements to commercial, multifamily and other nonresidential properties in the U.S. With significant expertise in commercial real estate, finance, renewable energy and PACE policy, CleanFund offers PACEDirect™ and SolarPACE™ financing programs, enabling property owners to upgrade their properties with no up-front cost while increasing property cash flows and value. Visit us at

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