Meet the Business Journal's 40 under 40 honorees of 2026: ridwane Moustapha. Ridwane Moustapha joined PACE Loan Group as controller in 2022. He was the Minneapolis-based firm's first full-time accounting professional and has helped grow PLG's banking relationships from fewer than 20 accounts to 80 and doubled the income generated from those accounts. During his tenure with PLG, a C-PACE lender for commercial and industrial real estate projects, revenue grew to $31.6 million in 2024 - a 173% increase, landing it on the Business Journal's 2025 list of fastest-growing private companies in the Twin Cities. Beyond his day job, Moustapha also supports immigrants and his hometown in Benin, West Africa. He co-founded Primetop Group, a tax-planning and business-support firm helping immigrants establish stability in the U.S., and Initiative Alafia Africa, a nonprofit that pairs physician training with initiatives to expand affordable health care in Benin. The nonprofit's first mobile clinic is expected to launch in 2026 and will train new nurses and doctors in the region. Moustapha is proficient in English, French, Goun and Yoruba, often using his translation skills to assist immigrants. He is a member of the Urban Land Institute's Minnesota chapter and participated in the ULI Real Estate Diversity Initiative in 2024. - Cassidy Ritter, contributing writer More about Moustapha Age, as of April 23: 38 Alma mater: Metro State University Boards and committees I serve on: Initiative Alafia Africa, co-founder and board member How I start my day at the office: I start by reviewing priorities and touching base with the team to stay aligned and ready for the day. While getting settled, I enjoy what I call coffee - mostly milk with a dash of instant coffee - and a couple of Hawaiian rolls. You have a day off to do whatever you want. What's on your agenda? If it's summer, you'll find me working in the yard with music blasting and probably singing along badly. I wrap up the day hanging out with my family and Imran, my energetic 5-year-old partner in mischief. Something new I want to learn this year: This year, I want to learn skating and skiing - something new that keeps me active, challenges my balance, and gives me a fun excuse to enjoy both winter and summer, especially with Imran.

C-PACE financing evolves into Capital Stack heavyweight. Paul bubny, Connect CRE. With a resume that includes seven years overseeing the California Enterprise Development Authority's C-PACE program, Peter Grabell has seen C-PACE grow from an obscure tool to fund solar panels into a widely accepted component of project financing. Now Head of Production at PACE Loan Group, Grabell will discuss C-PACE applications as one of the financing experts who will take the stage during the "Financing & The Capital Stack" panel discussion at Connect Los Angeles 2026 on May 28. Grabell shared insights with Connect CRE in advance of the in-person conference. Q: C-PACE financing has become a key component in the capital stack. Has this occurred mainly as investors and developers have become more aware of C-PACE's versatility or have there been other factors (such as regulatory)? A: C-PACE awareness has grown significantly among developers, investors/sponsors, and mortgage bankers/brokers as C-PACE financing has gained recognition for its flexibility and accretive influence on most project capital stacks. On the regulatory side, C-PACE has been enabled in 40 states, with the most recent adoption in Alabama. The industry continues to pursue PACE legislation in the states that remain outliers in PACE adoption. Q: Are more borrowers becoming aware that C-PACE can extend beyond, say, solar installations to finance improvements in heating, electrical, and plumbing infrastructure? A: The initial days of C-PACE were dominated by renewable energy measures such as solar and battery storage. Since the late 2010's, PACE programs in many states have expanded to include water conservation, energy efficiency, and resiliency as additional eligible measures. In addition, the use cases of PACE have expanded to range from pre-construction to mid- and post-construction recapitalizations. For PACE projects, the MEP budget (Mechanical/Electrical/Plumbing) contains the preponderance of PACE-eligible measures. Particularly with the capital constraints that emerged following COVID, borrowers have become very aware of how extensively PACE can cover building costs. Q: Is there a typical C-PACE financing scenario at this point, or are C-PACE transactions different from one another? A: Use cases for C-PACE include entering a project's capital stack pre-construction, during construction (typically due to an unforeseen funding shortfall), and, in many states, for as long as three years following completion to recapitalize a project. In today's capital markets, securing project debt is the first step many developers and sponsors pursue, followed by finalizing project equity. This contrasts with the dynamics pre-COVID, when sponsors routinely had their equity committed before building out the debt side of the capital stack. Q: New construction or retrofitting/redevelopment - which is more likely to involve C-PACE financing? A: This depends on both the asset class and use case. For example, seniors housing and hotels are prolific users of C-PACE financing for new construction. On the other hand, multifamily properties utilize C-PACE for new construction less frequently because of the availability of first mortgage financing that can be sufficient to entirely fund a project alongside equity, without the need for C-PACE, mezzanine financing or preferred equity. By contrast, property-use conversions (e.g., office-to-hotel or office-to-multifamily) are prime candidates for C-PACE financing because senior lenders often perceive them as having higher risk profiles. For data centers, the deep need for power and water aligns closely with what can be funded by C-PACE, where Pace Loan Group is seeing increasing demand. Hear from LA Leadership on May 28. Gain direct insight from Los Angeles leadership, including Mayor Karen Bass and former Mayor Antonio Villaraigosa, as they discuss policy, growth, affordable housing and the city's future. Don't miss this high-level conversation - secure your spot today: www.connectLA26.com

PACE Loan Group closes first C-PACE loan in Raleigh, NC, second in North Carolina. $13.5 loan goes to construct new 228-car facility in city's Gateway District. Minneapolis, MN (March 16, 2026) - PACE Loan Group closed a $13.5 million loan for a first-of-its-kind, 228-car, automated parking garage in Raleigh, North Carolina's Gateway District. Construction will begin this month, with expected completion in December. PLG's Robbie Pinkas, senior vice president - Originations, originated the loan on behalf of the project's developer, Capital City Urban Development ("CCUD"). "I'm thrilled we got this done," said Pinkas, "It's such a cool project and a window into the future. C-PACE was a great option given the importance of EV infrastructure and our ability to structure an extended interest-only period." The underground parking facility will have EV charging capability at each palette and be fully automated with a system designed by AUTOParkit, a pioneer in the automated parking space. At ground level, the site will have a public plaza. "C-PACE was the final piece of our complicated capital stack, and PLG worked with us on a structure that complemented our existing bond financing. We can't wait to get this built and start serving the community," said Robbie ferris, a principal at CCUD, a joint venture between developer firstfloor and Metcon, Carolinas' largest Native American-owned construction firm. SfL+a architectswas the architect for the project. The garage, at 130 Kindley Street, is one of five remaining parcels in CCUD's City Gateway District, which is at the intersection of Martin Luther King Blvd. and US 70. One parcel has already been developed - a 288-unit apartment building, MIRA, that opened in 2024. In addition to the garage, the neighborhood will include a hotel, a school, and several mixed-use properties. Capital City Urban Development was formed as a single-purpose entity to lead the development of the City Gateway District in downtown Raleigh, which is near key entertainment and dining venues, including the Martin Marietta Center for the Performing Arts, the Raleigh Convention Center, and the Red Hat Amphitheater. The C-PACE program in North Carolina became active in February 2025, and the city of Raleigh adopted their local ordinance in December. The C-PACE qualifying items for this project include the electrical vehicle charging system and related infrastructure. "It was exciting working with PLG, CCUD, and the City of Raleigh on this unique C-PACE project. This property represents the first C-PACE project for the City of Raleigh/Wake County, helping to drive economic development in the area and serving as a landmark for the future of efficient and resilient commercial properties," said Larry Price, Director of Finance at the Economic Development Partnership of North Carolina ("EDPNC"), the state's C-PACE program administrator. Media Contact: Martha Nevanen 651-492-5861 About PACE Loan Group PACE Loan Group (PLG) is a national leader in the C-PACE marketplace, providing direct C-PACE financing to commercial property owners. PLG benefits from institutional support with capital from funds managed by AB CarVal, a part of Alliance Bernstein. The PLG team provides expertise up and down the capital stack, from origination and underwriting to loan servicing. To learn more about PLG, visit www.paceloangroup.com. About City Urban Development Capital City Urban Development is a single-purpose entity formed to lead the development of the City Gateway site in downtown Raleigh. About Firstfloor, Inc. Firstfloor is a commercial development firm specializing in the delivery of complex, turnkey projects for public and private clients. The company's team includes senior professionals with extensive experience in architecture, finance, construction, and property management. This expertise allows Firstfloor to manage the full development process with a focus on accountability, cost control, and long-term performance. The firm has delivered major educational, mixed-use, and public-private projects and frequently works alongside SfL+a Architects on high-performance building initiatives. Learn more at www.firstfloor.biz. About Metcon, Inc. Metcon, the Carolinas' largest minority-owned construction firm and the largest Native American-owned construction firm in the US, has been building excellence since 2000. With offices across the Carolinas, the firm specializes in diverse sectors, committed to sustainability and client satisfaction. True to their core values, Metcon ensures a quality building experience, people-first, integrity, client success, and a positive community impact. Learn more at metconus.com. About SfL+a Architects SfL+a Architects is a regional leader in the design of sustainable, high-performance buildings. Founded in 1982, the firm focuses on facilities that reduce life-cycle costs while supporting long-term community and environmental goals. Working in close collaboration with Firstfloor, the firm integrates design, financing, and delivery strategies that help clients develop fiscally responsible facilities that meet current and future needs. SfL+a has been responsible for a12 of the 17 verified net-zero energy buildings in the Carolinas and continues to advance building performance through disciplined planning, technical rigor, and clear project execution. Learn more at www.sfla.biz.