AUSTIN, Texas, Feb. 15, 2018 /PRNewswire/ -- Independent credit rating agency DBRS has bestowed a private rating on a large, single-asset-backed C-PACE transaction funded by Austin-based Petros PACE Finance. This is the first single-asset transaction in the country to receive a rating from any agency involving Commercial Property Assessed Clean Energy (C-PACE) loans.
While DBRS has issued residential PACE ratings since 2015, this was the first commercial PACE rating by DBRS.
"This is a major milestone for our company and another example of Petros leading the institutionalization of this nascent but maturing industry. We are gratified to receive such a high rating from this respected agency after a very thorough review," said Petros Co-Founder and CFO Jim Stanislaus.
"We really appreciate the hard work and professionalism of the DBRS team during this process," said Petros Co-Founder and CEO Mansoor Ghori.
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. Petros has funded transactions in eight different states, the widest footprint in the C-PACE industry, and was also the first private, national lender to fund in four of those states. The company also co-financed the largest deal in C-PACE history, saw substantial growth in 2017 and expects more in 2018 and beyond.
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 private loan into a property tax obligation and enabling lenders to grant longer fix-rate terms of up to 30 years or the useful life of the upgrades.
Displacing more expensive mezzanine debt or owner equity, reducing the weighted average cost of capital for development projects.
Allowing commercial property owners to increase the value of their existing buildings by reducing total energy costs and increasing net operating income.
About Petros PACE Finance 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.