NEW YORK, Oct. 10, 2018 /PRNewswire/ -- ING Capital LLC ("ING") announced today that it has closed a $25 million credit facility with Petros PACE Finance, the leading Commercial Property Assessed Clean Energy ("C-PACE") lender in the U.S. The facility has a unique structure which enables Petros to aggregate assets and dovetails seamlessly with secondary market permanent financing solutions. The facility will support the continued growth of Petros' programs while bolstering its liquidity position and financing base.
"The C-PACE market continues to grow by leaps and bounds, and this credit facility provides us the flexibility and liquidity to extend our financing solutions to the market. We have a healthy mix of institutional investor partners committed to buy our C-PACE loans and some of those investor partners prefer to acquire the assets in small tranches for efficiency purposes. This facility enables that increased efficiency," said Jim Stanislaus, Co-Founder and CFO, Petros PACE Finance. "ING is a trusted financial partner that shares our commitment to improving sustainability with commercial property development."
"ING has a long track record of providing financing solutions to sustainable and environmentally friendly projects and businesses across global markets and sectors," said Sandeep Srinath, Director, Structured Solutions Group, ING Americas. "We are strong supporters of PACE programs in the U.S. and have seen impressive growth in this market, providing a suite of financing solutions to leading companies in this space such as Petros."
Sustainable financing initiatives remains a strong priority for ING and the addition of Petros to its client portfolio further strengthens its commitment to PACE and environmentally friendly initiatives. This is ING's fourth PACE related credit facility in recent months.
ING CAPITAL LLC ING Capital LLC is a financial services firm offering a full array of wholesale financial lending products and advisory services to its corporate and institutional clients. ING Capital LLC is an indirect U.S. subsidiary of ING Bank NV, part of ING Group (NYSE: ING), a global financial institution of Dutch origin. The purpose of ING Bank is empowering people to stay a step ahead in life and in business. ING Bank's more than 51,000 employees offer retail and wholesale banking services to customers in over 40 countries.
Petros PACE Finance LLC Austin-based Petros PACE Finance, LLC is a leading financier of long-term capital for C-PACE. The principals of Petros PACE—Mansoor Ghori, Jim Stanislaus, and Tommy Deavenport—have executive level expertise in all critical aspects of C-PACE: Commercial lending, structured finance, debt fund management, and direct long-term institutional investor relationships.