Avrio CleanFund (“ACF”) specializes in originating, structuring, and managing commercial real estate credit investments. Our approach prioritizes downside protection, capital flexibility, and bespoke structuring across targeted durations. Our solutions are designed for performance across market cycles.
Avrio CleanFund focuses on fundamentals. We underwrite the property, borrower, and market, and combine asset level fundamentals with the capital structure. Our team has owned, financed, and restructured more than $20B+ commercial real estate debt through multiple cycles since the mid 1990s. ACF’s foundation is set up to deliver a unique capital structure that provides borrowers with both bridge and long term financing solutions.
The team has decades of experience across multiple economic cycles and real estate asset classes.
Disciplined underwriting integrates multi-point valuation, market viability, sponsor quality, and staying power to support resilient risk adjusted returns.
We operate as a collaboration driven platform, working with borrowers, intermediaries, municipalities, and our partners to structure solutions that simplify complexity.
Key principal co-invented C-PACE having helped author the legislation in multiple states across the US and originated the first C-PACE transaction and securitization.
Avrio CleanFund operates across real estate asset classes and capital structures, enabling flexible deployment of capital aligned with evolving market conditions.
The platform emphasizes real estate credit fundamentals, contractual protections, collateral quality, and long-term asset viability.
Sustainability and resilience are integrated into underwriting as a risk management discipline.
Environmental, regulatory, and operational considerations are evaluated based on their impact on long term asset performance, cash flow durability, and credit outcomes.
C-PACE and the first mortgage, co-originated by ACF. One credit process, eliminating the senior-consent friction that stalls most C-PACE financings.
Long-dated, fixed-rate capital for energy, water, and resiliency scopes, in ground-up construction, renovation, or recapture of recently completed work.
Bridge for construction, renovation, and construction take-out loans.
1 C-PACE sizing is dependent on PACE eligible costs, which vary by jurisdiction and project scope. Figures are indicative and not an assurance of terms.
Ground-up builds with staged draws
Reposition, renovate, lease up
Reset the capital stack
Recover recent eligible spend
Current value against cost basis, comparables, and exit potential, across cap rate, replacement cost, and residual land value, stress-tested to downside scenarios.
Capitalization, liquidity, and institutional alignment, with the capital stack tested for durability under prolonged hold scenarios.
Supply-demand dynamics and long-term local growth drivers, benchmarked on absorption, pricing trends, and peers.
Track record, execution history, and domain expertise, plus equity commitment and structural incentives.
Third-party energy and water efficiency metrics, and resilience to regulatory and climate-related risks.
Commercial Property Assessed Clean Energy (C-PACE) is a public–private financing tool for energy efficiency, renewable energy, water, and resiliency improvements on commercial real estate. ACF’s principals helped invent it, and authored the enabling legislation in multiple states.
The C-PACE tax assessment is senior to the first mortgage and all junior debt and equity.
C-PACE assessments may receive investment-grade ratings.
The PACE-First blended financing structure closes both the C-PACE assessment and the first mortgage. This eliminates the friction between separate lenders and the lender consent process.
The senior loan floats over SOFR while the C-PACE layer stays long-dated and fixed, blending to a single floating-SOFR cost of capital.
C-PACE is authorized in roughly 40 states and continues to expand. Tap a state to see its C-PACE status.
Program availability, eligible measures, and lookback rules vary by state and change over time. This map is indicative, confirm current status for your jurisdiction with ACF.
Avrio CleanFund has deep experience structuring credit solutions aligned with institutional balance sheets. The platform supports capital efficiency, predictable cash flows, and aligns our portfolio of assets with our investor's liability duration needs.
Representative financings across PACE-First, C-PACE, and senior credit, originated by Avrio CleanFund and by its principals’ prior platforms, CleanFund and Mosaic Real Estate.
Representative transactions shown for illustration. Certain transactions were originated by ACF principals at prior platforms (CleanFund, Mosaic Real Estate). Past transactions are not indicative of future results.
A representative PACE-First execution: co-originating C-PACE and senior debt together to finance a specialized industrial portfolio.
A multi-state portfolio of multi-tenant, temperature-controlled industrial facilities in infill locations, seeking construction capital with duration alongside meaningful institutional sponsor equity.
Avrio CleanFund brought C-PACE and senior debt together in a single PACE-First financing. Co-originating both tranches removed the inter-creditor consent process and added a long-dated, fixed-rate layer alongside the senior loan.
Case studies are representative and were originated by Avrio CleanFund or its principals’ prior platforms. Past transactions are not indicative of future results.
Bring us your transactions. PACE-First removes the senior-lender / C-PACE-lender friction that kills so many C-PACE financings, and your relationship stays yours.
You remain the intermediary. We work alongside you, structure the financing, and keep you in the loop.
We co-originate the first mortgage and C-PACE together, eliminating the consent conflict that gets most PACE requests rejected.
Get an indicative soft quote quickly, submit your project and we will come back to you quickly.
Multifamily, industrial, for-sale residential, hospitality, healthcare, data centers, infrastructure.
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Mrs. Schiff is a serial entrepreneur who has founded or co-founded six firms across real estate and private equity since 1996. She co-founded Mosaic Real Estate Investors, which originated more than $3B across asset classes (2015-2021), and serves as an adjunct professor at Pepperdine, a faculty advisor at UCLA Anderson, and a board member of Wedbush Capital. She holds a BS from USC and an MBA from UCLA Anderson, and was named Women’s Council Executive of the Year in 2021.

Mr. Kinney pioneered C-PACE, founding CleanFund LLC in 2009, originating and securitizing $300M in C-PACE financing, and authoring enabling legislation across multiple states, including the first-ever C-PACE transactions and securitizations. He was previously CEO of Greenline Industries and Club One, both Inc. Magazine fastest-growing honorees, with earlier roles at Bessemer Venture Partners and Bain & Company. He holds BA, MS, and MBA degrees from Stanford University.

Mr. Davidson brings a 35-year, $20B+ track record in real estate finance. From 2000 to 2009 he built and led global hotel lending for a large German bank, and during the Global Financial Crisis was recruited by the Federal Reserve to oversee and wind down the $14B Maiden Lane portfolio. He served as Head of Asset Management and on the Investment Committee at Mosaic Real Estate, and most recently led CRE Technology Enablement at SitusAMC. He holds a degree in accounting from Wagner College and completed the Real Estate Finance & Development Certificate Program at Monmouth University.

Mr. Patel brings 20+ years of commercial real estate and technology experience as an entrepreneur investing, developing, and managing hospitality brands including Marriott, Hilton, and IHG as well as advising startups. In 2020, he founded Worldspan, a fintech developing a novel insurance product for PACE to protect senior lenders. He holds a BBA+MBA from the University of Missouri and a Venture Capital Certification from UC-Berkeley/NVCA.

Mr. Lingenfelter brings over 15 years of experience in clean tech banking, capital markets advisory, strategy consulting, and financial operations. At Wells Fargo, he led PACE credit policy and lender consent initiatives in the Global CleanTech Group and managed a $100M P&L. He also served as VP of Business Development and interim CFO at Wrightspeed. He holds a BA cum laude from Tufts University and an MBA from UC Davis.

Mr. Dellisanti assists directly with the origination, structuring, and capital formation of C-PACE and senior debt. Prior to ACF, he spent multiple years at Bank of America Merrill Lynch within a $1.7 billion advisory group, executing SMA structuring and alternative investment due diligence. He holds a BA in Economics from Hobart & William Smith Colleges and a certificate in Business and Financial Modeling from The Wharton School.

Mr. Ashcom serves on Avrio CleanFund’s Advisory Board as a Senior Advisor and leads ACF’s investment partner activities. He brings more than 35 years in investment banking, capital markets, corporate strategy, and governance, and is Managing Partner of Alt Ridge Capital, an M&A advisory firm focused on specialty finance, alternative asset management, and technology enabled services. He previously led Specialty Finance Investment Banking at SunTrust Robinson Humphrey and held senior roles at Bank of America Securities and NASD, now FINRA.

Mr. Wedbush serves on Avrio CleanFund’s Advisory Board, and Wedbush Capital is an investor in ACF. He oversees Wedbush Capital’s holdings, including Wedbush Ventures, Wedbush Capital Partners, and Wedbush Securities, where he is Chairman of the Board. His investment work spans leveraged buyouts, recapitalizations, growth equity, and venture capital across consumer, manufacturing, financial services, and specialty retail, following a decade in Wedbush Securities’ Equity Capital Markets group as Director of Equity Research and Managing Director of Investment Banking.
Our platform provides market insights focused on real estate credit, capital markets, structuring trends, and risk management across cycles. Content is written for allocators and credit professionals.