PACE Equity and Aquarian Real Estate Partners Close First Integrated Senior Construction and C-PACE Financing for Multifamily Development in Celina, Texas

NEW YORK--(BUSINESS WIRE)--Aquarian Real Estate Partners (“AREP”), the real estate investment arm of Aquarian Holdings, and PACE Equity, LLC (“PACE Equity”) today announced the first closing under their integrated senior construction and commercial property-assessed clean energy (“C-PACE”) solution for the Jefferson Ownsby Complex, a 436-unit, Class A garden-style multifamily community in Celina, Texas, north of the Dallas-Fort Worth metro region. Designed by national multifamily developer JPI, the development is financed with a senior construction facility from advisory clients of AREP and $23.5 million in C-PACE financing from PACE Equity.

The combined structure provides a stretch-senior execution at below-market blended terms, enabling JPI to fund the project with its existing balance sheet. This transaction represents AREP’s first closing since its launch on October 1, 2025.

"We value the opportunity to have worked with AREP and PACE Equity on our 436-unit project in Celina, Texas, which allowed us to utilize a turn-key C-PACE financing structure in alignment with our business plan for the asset. We hope to grow our collaboration as we continue to develop sustainable, energy-efficient living spaces for the stakeholders we serve," said Aaron Douthit, Vice President of JPI.

“This transaction reflects what we envisioned when we partnered with PACE Equity— a coordinated capital solution that is designed to simplify execution for high-quality sponsors while improving overall project economics,” said Kevin Holmes, Partner and Head of Aquarian Real Estate Partners. “By combining senior construction lending with C-PACE in a single, aligned process, we aim to deliver larger, more efficient financings and remove complexity at closing. We believe this integrated approach is well-suited to support sponsors in today’s real estate development environment.”

The financing was executed through a fully coordinated underwriting and closing process, allowing JPI to deliver a single diligence package, experience a synchronized credit process, and achieve an accelerated closing timeline across both senior and C-PACE tranches. By substituting C-PACE for incremental outside equity, JPI achieved higher leverage with a lower blended rate, internal equity, and a streamlined borrower experience. The structure is projected to deliver 13,420 metric tons of carbon savings, underscoring the environmental value created alongside the improved deal economics.

“JPI has been interested in exploring a C-PACE execution to improve their deal economics but desired a full debt stack solution,” said Ethan Elser, EVP, Originations at PACE Equity. “We are pleased to collaborate with a sponsor like JPI and continue demonstrating how C-PACE can enable transactions in today’s marketplace.”

Transaction Highlights

• Project: Jefferson Ownsby Complex — 436 units, Class A multifamily new construction
• Location: Celina, TX
• C-PACE Financing: $23.5 million (PACE Equity)
• C-PACE Term: 30-year amortization
• Program Administrator: Lone Star PACE
• Impact: 13,420 metric tons of projected carbon savings

About PACE Equity

With significant C-PACE experience and a direct lending model, PACE Equity contributes to a resilient capital stack. With almost $1 billion funded and $2 billion in committed capital, we provide long-term, low-cost, non-recourse financing that enhances returns and moves projects forward. We support developers with consistent and disciplined execution. Learn more at pace-equity.com.

About Aquarian

Aquarian Real Estate Partners (“AREP”) is the real estate investment arm of Aquarian Holdings, a diversified global holding company with a strategic portfolio of insurance and asset management solutions, providing investment opportunities for millions of people. Aquarian invests across the capital structure and creates tailored financing solutions that enable high-quality companies to grow and evolve. Aquarian and its relying advisers serve as investment managers for $25.8 billion of book value AUM as of September 30, 2025. For more information, visit aquarianlp.com.

About JPI

JPI is a prominent developer dedicated to transforming buildings, enhancing communities, and improving lives. With a commitment to excellence and innovation, JPI strives to deliver Class A multifamily housing that exceeds expectations and fosters vibrant neighborhoods. By focusing on sustainable development and strategic collaborations, JPI continues to shape the future of community living while positively impacting communities nationwide. For more information about JPI and its portfolio of projects, please visit JPI.com.

Disclaimers

This press release is for informational purposes only and does not constitute investment advice or an offer to buy or sell any securities. Past transactions are not indicative of future results. There is no guarantee that projections will be achieved, and actual carbon savings may vary materially. The investments mentioned do not reflect all decisions by Aquarian, and past or discussed decisions should not be assumed profitable. This press release contains only information approved for public disclosure, and additional transaction details remain confidential.