AUSTIN, Texas, Jan. 18, 2018 /PRNewswire/ -- Petros PACE Finance (www.petros-pace.com) has closed on a $10 million equity round led by Alex Rodriguez and his investment firm, A-ROD Corp.
The investment marks the largest single funding round to date for the Austin-based company and will be used to fund the continued nationwide expansion of Petros' Commercial Property Assessed Clean Energy (C-PACE) financing business.
"Alex is a highly accomplished and well-respected businessman with unmatched relationships in the commercial real estate industry, and we're excited to have him as an investor and board member," said Co-Founder and CEO Mansoor Ghori. "Petros had a terrific year and marked several major milestones in 2017. This investment will help fuel our expansion in this growing industry for an even better 2018."
Mr. Rodriguez has successfully invested in commercial and residential real estate since 2004. His portfolio includes the ownership and management of more than 10,000 multifamily apartment units in 10 states.
"Commercial PACE is a nascent industry with tremendous growth potential," said Alex Rodriguez, CEO of A-ROD Corp. "I'm excited to invest in Petros PACE and look forward to leveraging my real estate experience to help the company expand and introduce this innovative financing tool to commercial property owners in new markets across the nation."
"We are not only excited about A-ROD Corp's significant commercial real estate holdings for PACE lending opportunities for Petros, but also about their relationships with other significant capital sources that will enable Petros to further expand our funding platform as we prepare to expand rapidly across the country over the next several years," said Jim Stanislaus, Co-Founder and CFO.
Petros is the leading financier of long-term capital for energy efficiency, renewable energy, water conservation, and seismic upgrades to commercial, multifamily and industrial properties in the U.S. It is also one of the first specialty finance firms in the U.S. to dedicate all of its resources to the commercial PACE market nationwide.
Petros achieved several major milestones in 2017, growing over 100 percent year over year. In 2017, Petros funded transactions in seven different states, the widest footprint in the C-PACE industry, and was also the first to close transactions in four of those states. The company also co-financed the largest deal in C-PACE history at the time of closing.
Currently available in 33 states and Washington, D.C., PACE financing makes comprehensive clean energy projects possible on a broader scale for the first time by:
Providing up to 100 percent financing to commercial property owners in order to fund energy efficient projects that deliver deep energy cost savings through the life of the loan.
Rendering a non-recourse private loan into a property tax obligation and enabling lenders to grant longer terms of up to 30 years or the useful life of the upgrades.
Allowing commercial property owners to increase the value of their existing buildings by reducing total energy costs and increasing net operating income.
Austin-based Petros PACE Finance, LLC is solely dedicated to providing long-term PACE financing to U.S. commercial property owners seeking to increase their property values and reduce their carbon footprint. The principals of Petros PACE Finance – Mansoor Ghori, Jim Stanislaus and Tommy Deavenport – have executive level, deep expertise in all four critical aspects for commercial PACE: commercial lending, structured finance, debt fund management, and long-term, direct relationships with some of the nation's largest institutional investors.