Every capital stack looks clean on paper until the pressure hits. Chameleon of the Capstack is a podcast from PACE Loan Group (PLG) that pulls back the curtain on real commercial real estate deals, how they were sourced, structured, and closed using C-PACE financing. Co-hosted by COO Bali Kumar and CEO Rafi Golberstein featuring the PLG team and various CRE industry guests, each episode breaks down the creative problem-solving behind actual transactions, revealing how C-PACE adapts to fit deals that traditional financing can't quite reach.
Chameleon of the Capstack
Claim This Podcastby PACE Loan Group
6 episodes
Updated Daily
Accepts GuestsHas SponsorsLocation 🇺🇸
Podcast Overview
Every capital stack looks clean on paper until the pressure hits. Chameleon of the Capstack is a podcast from PACE Loan Group (PLG) that pulls back the curtain on real commercial real estate deals, how they were sourced, structured, and closed using C-PACE financing. Co-hosted by COO Bali Kumar and CEO Rafi Golberstein featuring the PLG team and various CRE industry guests, each episode breaks down the creative problem-solving behind actual transactions, revealing how C-PACE adapts to fit deals that traditional financing can't quite reach.
Language
🇺🇲
Publishing Since
2/23/2026
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Recent Episodes
June 29, 2026
Lender Consent Is the Real Boogeyman in Senior Living C-PACE (Pt. 2) | Peter Grabell, PACE Loan Group
<p>Banks will tell you they've loosened their credit box. They've also quietly capped how many dollars they'll write you. In Part 2 of our senior living conversation, PACE Loan Group Managing Director Peter Grabell walks through the deals where C-PACE does the work nobody else in the stack wants to: clearing lender consent, freeing up bank capacity, and refinancing a bank partially out of a deal years after the building's already stabilized.</p>
June 22, 2026
Why Senior Living Is a Leverage Problem, Not a Cost Problem — with Peter Grabell
<p>An aging population is the most reliable demand story in real estate, so why do senior lenders still treat senior living like a problem child? Because someone has to operate it, and that makes banks nervous enough to cap leverage a full 10 points below a vanilla apartment building. In Episode 3 of The Chameleon of the Cap Stack, Peter Grabell, Managing Director and Head of Production at PACE Loan Group, sits down with PLG CEO Rafi Golberstein to make the case that senior living is a leverage problem, not a cost-of-capital problem, and to show how C-PACE quietly fills the gap that banks, credit unions, and equity leave open. Real deals, real cap stacks, real decisions.</p>
May 21, 2026
The Water Park and a 50-Day Close | Hospitality & C-PACE
<p>The largest indoor water park in North America draws 300,000 visitors a year, runs massive HVAC and water-recycling systems, and sits on the Atlantic City boardwalk. So how does that qualify as energy efficient and become the first C-PACE deal ever closed in the state of New Jersey?</p><p>PLG CEO Rafi Golberstein and Head of Loan Structuring Jerry Ellis break down a Q4 hospitality run that ranged from the funky to the five-star. The headliner: a $45M recapitalization on a 125,000 sq ft indoor water park, closed in roughly 50 days against a hard year-end deadline in a state where no one had ever closed a C-PACE loan before.</p><p>Why two years of operating history made an "un-financeable" asset class work. How direct HVAC load and water recycling drove the energy-efficiency qualification. Why a retroactive prevailing-wage waiver created a 30-day application sprint. And how getting Atlantic City to opt into the program in real time turned into two more referred Jersey deals within a week.</p><p><br></p><p>This is Part 2 of the hospitality breakdown.</p>
6 total episodes available
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Frequently asked questions
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- What is Chameleon of the Capstack?
- How often does this podcast release new episodes?
This podcast updates daily.
- Where can I listen to this podcast?
This podcast is available on 4 platforms including Apple Podcasts, Spotify, and more. You can also use the RSS feed directly.
- Does this podcast accept guests?
Yes, this podcast regularly features guests.
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