Avrio CleanFund:Flexible Real Estate Credit Solutions

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 Management is a Joint Venture between Avrio RE Holdings, CleanFund & Wedbush Capital Los Angeles - San Francisco - Austin - Atlanta - New York City
Our Platform

The Pillars of our Platform

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.

Pillar I

Experience of Execution

The team has decades of experience across multiple economic cycles and real estate asset classes.

Pillar II

Durable Outcomes

Disciplined underwriting integrates multi-point valuation, market viability, sponsor quality, and staying power to support resilient risk adjusted returns.

Pillar III

Collaborative Model

We operate as a collaboration driven platform, working with borrowers, intermediaries, municipalities, and our partners to structure solutions that simplify complexity.

Pillar IV

Innovation Forward

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.

Platform

Integrated Credit Platform

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.

Risk Management

Sustainability and Resilience

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.

For Developers and Sponsors

Financing Solutions

Providing flexible debt capital and creative solutions for multiple asset classes across the U.S., targeting $25M to $150M investments, with a 2–3 year lookback period on C-PACE (state dependent).

Three Structures · One Platform
01Flagship

PACE-First Unitranche

C-PACE and the first mortgage, co-originated by ACF. One credit process, eliminating the senior-consent friction that stalls most C-PACE financings.

Term3–5 yr senior · C-PACE to 30 yr
LeverageUp to 70% combined LTC1
RateFloating SOFR blend
Submit your project →
02

C-PACE

Long-dated, fixed-rate capital for energy, water, and resiliency scopes, in ground-up construction, renovation, or recapture of recently completed work.

TermUp to 30 years
Leverage20–35% of cost1
RateFixed · 10-yr CMT index
How C-PACE works →
03

Senior Loans

Bridge for construction, renovation, and construction take-out loans.

Term3–5 years
Leverage≤70% LTV
RateFloating · SOFR + spread
Submit your project →

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.

Built for
Construction Loans

Ground-up builds with staged draws

Transitional Value-Add

Reposition, renovate, lease up

Recapitalizations

Reset the capital stack

Retroactive PACE Recapture

Recover recent eligible spend

Asset classes
Industrial Multifamily Hospitality Healthcare Data Centers Infrastructure Retail Residential / Office Conversion
Our Box · Lending Criteria

Underwriting Requirements Include

  • Well-located assets in primary and secondary markets with proven, through-cycle demand
  • Experienced, financially stable sponsors with real equity commitment
  • An energy, efficiency, water, or resiliency basis that supports C-PACE
  • Recent-vintage collateral with durable, long-term fundamentals
  • Focus on risk adjusted underwritten DY, LTC, and LTV

Key Factors Analyzed

Core objective · Security of principal
Multi-Point Value Analysis

Current value against cost basis, comparables, and exit potential, across cap rate, replacement cost, and residual land value, stress-tested to downside scenarios.

Staying Power

Capitalization, liquidity, and institutional alignment, with the capital stack tested for durability under prolonged hold scenarios.

Market Viability

Supply-demand dynamics and long-term local growth drivers, benchmarked on absorption, pricing trends, and peers.

Sponsor Analysis

Track record, execution history, and domain expertise, plus equity commitment and structural incentives.

Measured Sustainability

Third-party energy and water efficiency metrics, and resilience to regulatory and climate-related risks.

Structure and exceptions are considered case by case.
C-PACE Explained

What is C-PACE?

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.

What
A public/private mechanism that finances building improvements tied to energy, water, or resiliency, in new construction, many standard building systems and materials can qualify.
Who
Commercial real estate owners whose property sits in a state and municipality with an active C-PACE program.
How
The owner agrees to a voluntary assessment; the capital is repaid as a line item on the property tax bill.
When
It funds new construction, renovation, or refinancing, and most states allow a lookback of approximately two to three years on recent work.
Why
As long-dated, fixed-rate capital, PACE can lower the blended cost of capital and strengthen the credit structure.

Repayment priority

The C-PACE tax assessment is senior to the first mortgage and all junior debt and equity.

Investment-grade profile

C-PACE assessments may receive investment-grade ratings.

Capital Structure

Better Capital Stack Execution Illustration

Tax Assessment
C-PACE
28%
Fixed rate, 20–30 yr · Tax-assessment · Assumable
First Mortgage
Senior Loan
42%
SOFR + spread, floating · Bridge + extensions
First Loss
Equity
30%
Sponsor / Co-Investment
Blended WACC · Floating SOFR
Repayment priority ↓Financing 70% of cost · C‑PACE portion dependent on PACE eligible costs Illustrative only. Structures vary by project.

One Origination

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.

Blended Cost of Capital

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.

Questions

C-PACE, answered

How is this repaid?+
Through a voluntary special assessment collected on the property tax bill. It is assumable by a future buyer of the property and can be structured as pre-payable.
Where does it sit in the capital stack?+
C-PACE is treated as a property tax
What is retroactive (lookback) C-PACE?+
Most states let owners recapitalize eligible improvements completed within a lookback window (commonly about two to three years).
What can C-PACE fund?+
C-PACE eligible measures vary by jurisdiction but may include energy efficiency, renewable and on site energy generation, water conservation, resiliency, and seismic improvements for both new construction and retrofit projects.
How does PACE-First remove the usual friction?+
ACF co-originates the first mortgage and the C-PACE concurrently, so there is no senior-lender / PACE-lender consent conflict, the issue that causes most PACE requests to be rejected.
C-PACE Coverage

Where C-PACE is available

C-PACE is authorized in roughly 40 states and continues to expand. Tap a state to see its C-PACE status.

40States with active programs
Hover or tap a state to see its C-PACE status.
C-PACE active No active statewide program

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.

Institutional Capital

A Platform Built for Institutional Capital

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.

Track Record

Selected Transactions

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.

Hospitality · New ConstructionCleanFund

Hyatt Regency, SLC Convention Center

Salt Lake City, UT
C-PACE
$55M
Total Project
$377M
Size
700 keys
Use
New Constr.
Energy-efficiency improvements (HVAC, lighting, controls, water systems, heat rejection) for developer Portman Holdings.
Industrial · Refi + ConstructionMosaic

Cheyenne Las Vegas Industrial

North Las Vegas, NV
Investment
$70.25M
Loan-to-Value
68.9%
Size
726K SF
Basis
$97 / SF
B-Note across a 5-building, 41-acre, 24-suite industrial park; 36-month term plus two 12-month extensions.
Resort / Residential · Acq + Constr.Mosaic

Kauai Ocean Club & Residence

Kauai, HI
Senior Loan
$96M
Loan-to-Value
53.5%
Proj. Value
$179M
Units
47
Senior construction loan for acquisition and ground-up development of 47 condos and townhomes plus amenity space.
Infrastructure · ConstructionAvrio CleanFund

Texas Quarry Development

Texas
C-PACE
$90M
Loan-to-Value
53%
Phase-1 Value
$320.8M
Program
$900M
C-PACE for a vertically integrated limestone quarry and on-site rail terminals; 16-month Phase-1 drawdown within a two-phase program.

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.

Case Studies

PACE-First in Practice

A representative PACE-First execution: co-originating C-PACE and senior debt together to finance a specialized industrial portfolio.

PACE-First · Specialized Industrial

Specialized Industrial Portfolio

Multi-State · Originated by Avrio CleanFund
Structure
PACE-First

The Opportunity

A multi-state portfolio of multi-tenant, temperature-controlled industrial facilities in infill locations, seeking construction capital with duration alongside meaningful institutional sponsor equity.

The Structure

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.

Multi-StateTemperature-ControlledConcurrent C-PACE + SeniorMulti-Tenant

Case studies are representative and were originated by Avrio CleanFund or its principals’ prior platforms. Past transactions are not indicative of future results.

Intermediaries

For Brokers and Advisors

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.

Your relationship, protected

You remain the intermediary. We work alongside you, structure the financing, and keep you in the loop.

One source, no consent fight

We co-originate the first mortgage and C-PACE together, eliminating the consent conflict that gets most PACE requests rejected.

Timely Read

Get an indicative soft quote quickly, submit your project and we will come back to you quickly.

A broad box

Multifamily, industrial, for-sale residential, hospitality, healthcare, data centers, infrastructure.

Submit a Project Intermediary relationships are respected and protected, contact us to discuss referral terms.
Submit

Submit Your Project

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    Submitting opens a pre-filled email to info@avrio-cleanfund.com with the project details above. Selected documents are listed in the email for you to attach before sending.

    Team

    Our Team

    Leadership recognized by
    Bloomberg TV Commercial Observer GlobeStreet Los Angeles Business Journal Commercial Property Executive Connect Media Bisnow PACENation Institutional Investor Young Presidents’ Organization
    Vicky Schiff

    Vicky Schiff

    Co-Founder and Chief Executive Officer

    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.

    John Kinney

    John Kinney

    Co-Founder and Managing Partner

    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.

    Bruce Davidson

    Bruce Davidson

    Chief Investment Officer

    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.

    Janak Patel

    Janak Patel

    Managing Director, Originations and Strategic Partnerships

    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.

    Michael Lingenfelter

    Michael Lingenfelter

    Managing Director, Operations

    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.

    John Dellisanti Jr.

    John Dellisanti Jr.

    Associate

    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.

    Bob Ashcom

    Bob Ashcom

    Managing Partner, Alt Ridge Capital · ACF Advisory Board Member and Senior Advisor

    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.

    Eric Wedbush

    Eric Wedbush

    President and Chief Executive Officer, Wedbush Capital · ACF Investor and Advisory Board Member

    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.

    Avrio CleanFund in the News

    Avrio CleanFund in the News

    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.

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    info@avrio-cleanfund.com