Peachtree Closes $53M C-PACE Loan for Suburban Portland Residential Community 

Kirkland Development has sealed $53.3 million of Commercial Property Assessed Clean Energy (C-PACE) financing to execute energy-efficient and resiliency enhancements to a planned residential community in southwest Washington just north of Portland, Ore., Commercial Observer has learned.

Peachtree Group closed the 30-year C-PACE loan for Kirland’s The Ledges at Palisades development in Camas, Wash. The Ledges consists of 51 condominiums and 90 rental apartments slated for completion in late 2025. Loan proceeds will fund sustainability upgrades, qualifying soft costs and improvements to the five-story property’s resiliency, HVAC system, lighting and plumbing.

Jared Schlosser, Peachtree Group’s senior vice president, said the loan will help complete the long-planned project that stalled during the COVID-19 pandemic, adding that it underscores how C-PACE can be utilized for bringing projects across the finish line. 

“PACE is a great tool to come in particularly mid-construction because here there were some cost overruns and some delays due to COVID and other things, so this really helped jump-start the project,” Schlosser said. “We funded some of the previously completed line items as well as some of the future funding that needs to happen to finish the project.”

Located at 19801 SE Ascension Loop 17 miles from Downtown Portland, the multifamily portion of the project will comprise 26 studios, 50 one-bedroom apartments and 14 two-bedroom units. The condo portion will feature 42 two-bedroom units and nine three-bedroom units.

Schlosser said the development’s location — just east of Vancouver, Wash. — will be attractive to residents given its access to Portland along with major employers in the region like 

PeaceHealth, Kaiser Permanente and Fisher Investments. The project is part of a Columbia Palisades master-planned mixed-use development and overlooks the Columbia River.

“It’s on the water there, and there with all sorts of brand-new development, and it is in a top school district that is a really nice suburb of Portland,” Schlosser said. “This is a really good local sponsor who’s done a lot of a lot of work in this market, and we are excited to get this done with them.”

Officials at Kirkland Development did not immediately return a request for comment.

Andrew Coen can be reached at acoen@commercialobserver.com