C-PACE · Hawaii
C-PACE in Hawaii
One statewide programme. Act 183 (2022) first authorised C-PACER county by county; Act 41 (2024) turned it into a single state-level programme, and the Hawaiʻi Green Infrastructure Authority has administered it — and levies, collects and enforces the assessments itself — since 1 July 2024. Open to commercial, leasehold, agricultural and nonprofit property, multifamily of five or more units and condominium associations; not single-family homes. For its first two years nothing closed: the C-PACE Alliance's 2024 dataset shows Hawaii at zero, and HGIA's own board minutes in January 2026 were still awaiting the programme's first project. That changed in June 2026, when CastleGreen Finance put $245M of C-PACE into the redevelopment of the Coco Palms Resort on Kauaʻi — a single deal, and larger than several states' entire histories.
Verified 2026-09-30
- Program status
- Active
- A program list entry was confirmed
- Documented financing
- $245.35M at least
- Announced closings through 22 June 2026
- Properties financed
- 1 at least
- Across 1 separate closings
- Average deal
- $245.35M
- Per property, from the closings below
Read these as a floor, not a total. Sum of publicly announced HI C-PACER closings, each traced to a named source. This is a floor, not a programme total: HGIA publishes no running figure, and any unannounced deal is absent here. As of September 2026 it is also the programme's only known closing — HGIA's board minutes describe it as the first.
Who administers C-PACE in Hawaii
C-PACE in Hawaii runs through a single program administrator.
Every C-PACE closing we can document in Hawaii
No one publishes a cumulative total for Hawaii, so this is built the other way round — from individual closings, each traced to a named source. It is the complete public record as far as we can establish it, which is not the same as the complete record.
| Date | Property | Amount | Capital provider |
|---|---|---|---|
| 22 June 2026 | Coco Palms Resort, Kauaʻi C-PACE tranche of a $431M redevelopment financing, alongside a $185.6M senior loan from X-Caliber Rural Capital (its Rural PACE-X platform). 351-room resort, closed since Hurricane Iniki in 1992, targeting a 2028 reopening. HGIA's 30 July 2026 board minutes put the C-PACER loan at $245M. | $245.35M | CastleGreen Finance source |
| Documented total — a floor, not a program total | $245.35M | 1 properties | |
Verified 2026-09-30 against Kauai Now, reporting X-Caliber's closing announcement; corroborated by HGIA board minutes. If you know of a closing missing from this table, tell us — we would rather the record were right than flattering.
How to check your specific property
C-PACE availability is decided locally even when the enabling law is statewide. Work through these in order — each one can end the enquiry, so doing them out of order wastes time.
- Jurisdiction. Confirm the county or municipality has opted into the program. Statewide authorisation is not the same as local adoption.
- Eligible scope. Establish which parts of your project qualify — energy, water and resiliency measures, and in many states new construction and a look-back on recently completed work.
- Senior lender consent. Ask your mortgage holder early. This is the step that most often decides the timeline.
- Assessment mechanics. Understand how the assessment appears on the tax bill and how it is handled at closing when the property sells.
Is C-PACE the right tool for this project?
C-PACE solves a specific problem: long-term, fixed-cost capital for improvements to a building, secured by the property rather than by you. It is not a substitute for working capital and it is not fast money. Where it is strongest:
- Hotel and multifamily renovations where the capital stack is already tight
- Office-to-residential and other adaptive reuse conversions
- New construction where C-PACE fills the gap between senior debt and equity
- Owners who expect to sell before a conventional loan would amortize
- Deferred maintenance that a bank will not lend against
If your project does not fit that shape, the honest answer may be a different program — or none of them yet. USDA B&I covers rural projects with terms up to 40 years, and SBA 504 covers owner-occupied real estate and equipment. Our C-PACE versus bridge loan comparison covers the case where the two are used together rather than as alternatives.
C-PACE in Hawaii: common questions
Is C-PACE available in Hawaii?
Yes — Hawaii has an active C-PACE program. Availability inside the state is usually decided jurisdiction by jurisdiction, so the property's county or city must also have opted in. Confirm the specific address with the program administrator before assuming coverage.
How much C-PACE has been done in Hawaii?
At least $245.35M across 1 properties and 1 separate closings, through 22 June 2026. That is a floor rather than a total: no programme in Hawaii publishes a cumulative figure, so we built this from individual closings that each trace to a named public source, and an unannounced deal would not appear in it. The largest single assessment on the record is $245.35M.
Does my mortgage lender have to consent to C-PACE in Hawaii?
In most programs, yes. The C-PACE assessment sits ahead of the mortgage in payment priority, so the senior lender is normally asked to consent in writing. Many commercial mortgage lenders now approve C-PACE routinely, but the consent conversation takes time and is the most common reason a deal stalls. Start it early.
What happens to the C-PACE assessment if I sell the property in Hawaii?
The assessment runs with the property. When the building sells, the remaining payments transfer to the buyer along with the improvements they funded. This is the structural feature that makes a 30-year term sensible for an owner who plans to exit in five.
Does your Hawaii property qualify?
We will check the jurisdiction, the eligible scope and the senior lender consent path before anyone talks about rates.
- Commercial and business purposes only — we do not place consumer loans.
- If the project does not qualify, we say so and tell you what would change that.
- No credit pull to get an answer on program eligibility.
- We reply within one business day.
C-PACE eligibility is decided by the property — its address, its jurisdiction, the scope of work, and who holds the mortgage. That is why this form asks about the building rather than about you. The more of it you can answer, the more specific our first reply is.
Thank you — we have your enquiry.
We reply within one business day, from a person, by email or phone. If the project does not fit any program, we will say so and tell you what would change that.