AUSTIN, Texas, March 19, 2019 /PRNewswire/ -- Petros PACE
Finance, LLC (www.petros-pace.com) announced today the closing of a
$1.2 million Commercial Property
Assessed Clean Energy (C-PACE) transaction in Toledo, Ohio, marking Toledo's first privately funded C-PACE project
and Ohio's first Opportunity Zone
project to include C-PACE financing. The Toledo-Lucas Port
Authority is the C-PACE program administrator and Coda Management
Group is the developer.
"More developers are deciding every day to integrate C-PACE
financing into their capital stacks as an efficient source of
funding for building efficiency upgrades associated with
redevelopments of older properties and revitalization of
surrounding neighborhoods," said CEO of Petros PACE Finance,
Mansoor Ghori. "Coda Holdings is an
experienced developer with an impressive portfolio of residential
and commercial developments across the Midwest."
The transaction will fund energy efficiency upgrades as part of
the redevelopment of a 1900's era commercial warehouse building
into a 690-unit self-storage facility. Proceeds will be utilized to
replace the roof, insulate the ceiling, and install double-pane
windows, high-efficiency furnaces and AC units, LED lighting and
controls.
"C-PACE financing was a critical component in the capital
structure for this transaction and we had a short window to close
in order to take advantage of this Qualified Opportunity Zone
funding," said Scott Krone, CEO of
Coda Management Group. "Petros stepped up to provide timely
execution along with competitive terms and we look forward to
working with them in the future."
The Opportunity Zones program, passed as part of the Tax Cuts
and Jobs Act of 2017, promotes economic development in distressed
communities by giving investors and developers the ability to forgo
and defer paying some capital gains taxes if they invest in any of
the designated zones.
"We have a long-standing relationship with Petros PACE Finance
and it's been great to work with them," said Josef Pipoly, CEO of PACENERGIES, who consulted
on the project. "Their deep bench of expertise brings a high
level of efficiency to every part of the transaction process and
that's why we brought them in as the financial partner for this
project."
Last year, Petros PACE Finance announced that it had secured a
multi-billion-dollar capital commitment from institutional investor
partners for funding C-PACE transactions nationwide. The
capital commitment enables Petros PACE Finance to fund new
construction and gut rehab projects nationally and, most
importantly, provides property owners and developers certainty of
close on projects financed by Petros PACE Finance.
Founded in 2013, Petros PACE Finance has dedicated all of its
resources to providing long-term C-PACE financing to commercial
property owners and developers across the country and has completed
C-PACE financing transactions in 11 states, including the District
of Columbia. C-PACE is a long-term, fixed-rate financing
product secured as a parcel tax assessment and solves many problems
that have historically prevented commercial property owners from
investing in energy efficiency retrofits or renewable energy
retrofits. Legislatively approved in 36 states, C-PACE
financing can also be utilized by developers to replace expensive
mezzanine debt or equity in their new construction and
redevelopment projects. Petros PACE Finance provides property
owners and developers with the low-cost upfront capital for these
projects.
About Petros PACE Finance
Petros PACE Finance, LLC is
the industry leading financier of long-term C-PACE capital.
Leaders, Mansoor Ghori, Jim Stanislaus, and Tommy Deavenport have 60+ years of
executive-level expertise in all major aspects of C-PACE:
commercial lending, structured finance, debt fund management, and
direct, long-term institutional investor relationships.
Petros PACE Finance is able to close transactions in active C-PACE
markets using private funds to promote energy conservation and
economic development nationwide. With billions in committed
capital and a track record of execution, Petros PACE Finance is
setting the standard of excellence and providing clients certainty
of close. To learn more about Petros PACE Finance visit our
website at www.petros-pace.com.
Contact: Kylie Fitzpatrick, kylie@petrospartners.com,
512-599-9042
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SOURCE Petros PACE Finance, LLC