M id A tlantic Real Estate Journal — Financial — April 2025 — 11A
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F inancial
Several large investors fully subscribed the latest $45M offering immediately Calvert Impact’s Cut Carbon Note Program surges past $100M with institutional backing
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partnerships officer of Calvert Impact, noting the offering was fully subscribed immediately. “Within the past five months, we’ve doubled the Cut Carbon portfolio to $100 million and the impact continues to grow.” Sixty percent of the projects in the Cut Carbon Note portfolio go beyond standard Commercial Property Assessed Clean En - ergy (C-PACE) requirements and meet the new CIRRUS Low Carbon Standard developed by PACE Equity and the New Buildings Institute . The cumulative impact is now expected to save over 206,000
metric tonnes of carbon and $69 million in energy costs over the weighted average life of portfolio projects, along with ap- proximately 181 million gallons of lifetime water conservation. “All of this impact is addi - tive,” said Beau Engman , founder and president of PACE Equity, the originator of the financing to the C- PACE projects. “This means that we’ve been able to work with developers to make en - ergy efficiency and renewable upgrades that would not have happened otherwise.” Though this latest issuance
was purchased by institution - al investors, the Cut Carbon Note program has over 100 investors and is accessible to both individuals and in - stitutions starting at $1,000 in brokerage accounts. The product is ultimately expect- ed to grow to $400 million, and Calvert Impact plans to announce future issuances of the Cut Carbon Note in coming months. The program won the 2024 Grunin Prize for Law and Social Entrepre - neurship for its innovation, impact, and scalability. Calvert Impact Climate,
ETHESDA, MD — Cal- vert Impact announced the closing of the third
Inc. , a subsidiary of Calvert Impact, Inc., is the issuer of the Cut Carbon Notes. The Notes are an asset- backed security and will be issued by and payable exclu - sively from the assets of Calvert Impact Climate, Inc., a special purpose vehicle. InspereX LLC serves as lead agent on the Cut Carbon Note and US Bank Trust Company serves as in - denture trustee and custodian. Morgan, Lewis & Bockius LLP, Warner Norcross + Judd LLP, Husch Blackwell, and Mayer Brown serve as counsels on the program. MAREJ
issuance of its Cut Carbon Note ® , with large invest - ments from an insurance c ompany , two pension funds, and an advisory firm.
Beau Engman
Eastern Union obtains $10.965M to refinance 71,000 s/f “We’re thrilled to see this product resonating so strongly with institutions,” said Justin Conway, chief product and This brings the Notes - an investment-grade fixed-income product that finances sustain - ability upgrades for commercial and multifamily buildings - to more than $100 million.
Flexible Capital Solutions for Commercial Real Estate Projects ACCOMPLISH MORE
The BLVD rendering NEWARK, NJ — East- ern Union has arranged a $10.965 million loan to refi - nance construction of a 71,000 s/f, mixed-use property in the Central Ward of Newark. The mortgage was secured by company vice president Chaim Greenfield and loan originator Joseph Sasson . Alex Jaffa served as under - writer for the transaction. The refinancing carried a 24-month term with interest- only payments throughout that period. The interest rate was not disclosed. The borrower was Mid-At- lantic Investment Alliance , a real estate company special- izing in urban redevelopment projects in both established and reemerging locales. “Eastern Union worked diligently to structure a transaction that positioned the borrower to attract good financing,” said Greenfield. “We overcame challenges associated with today’s eco - nomic environment and we successfully negotiated good terms for our client.” MAREJ
Stephen Arrivello sarrivello@pace-equity.com
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