Further expanding Clearwater’s reach, the capital is immediately available to support borrowers across more than 40 states and Washington DC
NEW YORK, April 16, 2026 /PRNewswire/ — Clearwater PACE (“Clearwater”), a subsidiary of AXCS Capital Inc. (“AXCS”) and one of the nation’s leading Commercial Property Assessed Clean Energy (C-PACE) platforms, today announced the initial close of an up to $300 million C-PACE financing vehicle with capital provided by Ares Alternative Credit funds. The vehicle enables Clearwater to deploy balance sheet capital into large-scale C-PACE financings across hospitality, multifamily, mixed-use, and adaptive reuse projects.
The initial close marks a significant milestone for Clearwater’s growth trajectory and reinforces its position as a leading institutional platform in the rapidly growing C-PACE market. The structure is designed to capitalize on the long-duration, low-risk characteristics of C-PACE loans and targets fixed-rate, long-tenor financings of $5 million or greater, with a target check size of approximately $40–50 million per transaction. C-PACE allows property owners to finance energy-related upgrades through a tax assessment tied to the real estate itself, creating a long-duration, senior-secured instrument.
As commercial real estate capital markets continue to correct, sponsors are increasingly pairing C-PACE with traditional first lien, mezzanine, and preferred equity capital sources across a broad range of asset classes. As a complementary instrument, C-PACE reduces the senior lender’s basis and enables more efficient capital structures. In most jurisdictions, C-PACE can be deployed for new construction, value-add renovations, and post-construction recapitalizations.
“C-PACE has evolved from a niche green financing product into a highly compelling balance sheet solution for borrowers,” said Jonathan Seabolt, CEO of Clearwater. “This initial close validates the institutional demand for C-PACE loans and further positions Clearwater to capture meaningful market share in an asset class that exceeded $3 billion of origination volume in 2025. This vehicle provides the scale and duration required to execute repeatable, large-balance transactions.”
“The C-PACE vehicle represents a further broadening in AXCS’s ability to serve clients and a new pillar in its evolution as an institutional alternative asset manager,” said Evan Kinne, CEO of AXCS Capital. “The C-PACE vehicle shows how AXCS’s diversified and differentiated origination capabilities enable capital formation across its platform, enabling it to deliver tailored capital solutions to real estate sponsors, owners, and operators nationwide. We are optimistic about C-PACE’s growth as an asset class and are excited to be at the forefront of the asset class’s evolution.”
Clearwater’s executive committee is comprised of Jonathan Seabolt, CEO, Michael Llodra, Head of Capital Markets, William “Bill” Burns, Managing Director of Real Estate Credit, and Lisa Nordel, Managing Director of Transaction Management. Collectively, the team brings more than $30 billion of transaction experience across structured credit and commercial real estate. The combination of institutional capital, execution speed, and deep market expertise positions the firm to serve this accelerating demand.
About Clearwater PACE
Clearwater PACE, a subsidiary of AXCS Capital Inc., is a New York City-based C-PACE lender and one of the nation’s leading Commercial Property Assessed Clean Energy (C-PACE) origination platforms. The firm provides long-term, fixed-rate capital for energy efficiency, renewable energy, and resiliency improvements across commercial real estate in 40 states and Washington D.C. Clearwater specializes in complex, large-scale transactions and serves sponsors, developers, and institutional real estate owners. Additional information regarding Clearwater is available at www.c-pace.com.
AXCS Capital, Inc., a portfolio company of Conversant Capital, LLC, is an institutional commercial real estate finance platform providing investment management, capital advisory, and structured finance solutions to borrowers, investors, and operators nationwide. Through its affiliated companies totaling nearly 100 professionals, the firm delivers vertically integrated capabilities across the full capital stack. Additional information regarding AXCS Capital is available at www.axcscapital.com.
About Ares Management Corporation
Ares Management Corporation is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, real estate, private equity and infrastructure asset classes. We seek to advance our stakeholders’ long-term goals by providing flexible capital that supports businesses and creates value for our investors and within our communities. By collaborating across our investment groups, we aim to generate consistent and attractive investment returns throughout market cycles. As of December 31, 2025, Ares Management Corporation’s global platform had nearly $623 billion of assets under management, with operations across North America, South America, Europe, Asia Pacific and the Middle East. For more information, please visit www.aresmgmt.com.
Media Contact: Clearwater PACE media@c-pace.com
Originations Contact: deals@c-pace.com
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SOURCE Clearwater PACE
