Vice President of Loan Servicing

Senior care facility finances energy efficiency upgrades with $8.3 million C-PACE loan from PLG. Minneapolis, MN (July 6, 2026) - PACE Loan Group closed $8.3 million in C-PACE financing for Azura Verona, an 80-unit facility specializing in assisted living and memory care in Verona, WI. The loan was used in conjunction with a senior bank loan to refinance the existing construction loan and cash out equity investors. "Given the tailwinds in the senior housing space, many developers are sitting on unrealized equity creation," said Matthew McCormack, SVP of Originations - PLG. "C-PACE is a great tool to retroactively finance eligible improvements, freeing up capital for developers to distribute to investors and/or to put into their next development." The Sponsor, Azura Living, owns and operates Azura Verona; as well as four other senior living communities in Wisconsin. The company was founded in 2008 and constructed its Verona facility in 2024 and succesfully leased the building up to 100 percent. It sits on 7.4 acres of land located near both Madison, WI and Milwaukee, WI, and provides care for seniors that require assistance performing a range of daily activities. Azura Living utilizes a holistic framework for its residents no matter where they fall on the continuum of care. For residents in need of memory care, they integrate evidence-based dementia care practices centered around personalized engagement strategies. The eligible C-PACE expenses included building envelope improvements; ENERGY STAR windows; high efficiency HVAC, DHW, and water fixtures; LED lighting; and high rise building mechanical systems. All eligible upgrades have already been completed. 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 subsidiary 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.

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