AUSTIN, Texas, Nov. 28, 2018 /PRNewswire/ -- Petros PACE Finance, LLC announced today that it has secured additional institutional investor partners to its national C-PACE lending platform, memorialized in multi-billion dollar capital commitments for funding C-PACE transactions nationwide. The deal also included the closing of a substantial equity round, providing the company with additional reserves to execute on several strategic business initiatives.
The multi-billion dollar capital commitments will enable Petros to fund developers nationally for their new construction and gut rehab projects, as well as provide property owners with virtually unlimited capital for their retrofit or upgrade projects in most operating property types.
"We're pursuing our aggressive growth strategy to extend our reach well beyond the 11 states that we have already transacted in," said Petros PACE Finance CEO Mansoor Ghori. "With our new investor partners, we can fund C-PACE projects from $500,000 to $100 million or more for any project and property type that fits our underwriting criteria across the country. Most developers in the country are unaware of the benefits of C-PACE financing and we are working aggressively to educate them. We encourage developers and property owners to reach out to us directly to learn more today (www.petros-pace.com)."
Petros PACE Finance's committed fund-like structure with its institutional investor partners is the first of its kind in the industry. "We have assembled a diverse bench of institutional investors with insatiable appetite for the product, which creates efficiencies and certainty of close on C-PACE financings by Petros PACE Finance," said Petros PACE Finance CFO Jim Stanislaus. "The equity round was requested by our investor partners to completely align their interests with the company. We're pleased to have such substantial firms attached to and aligned with 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. Petros has completed C-PACE financing transactions in 11 of the 21 operating C-PACE states (including D.C.) and is aggressively expanding into these remaining states and also continues its leadership in the industry in helping to get new cities and states up and running with C-PACE.
C-PACE is a long-term, fixed-rate financing product that is secured as a parcel tax assessment, and it solves many problems that have historically prevented commercial property owners from investing in energy efficiency retrofits or renewable energy. C-PACE financing can also be utilized by developers to replace expensive mezzanine debt or equity in their development projects at lower cost. Petros PACE Finance provides developers and property owners with the upfront capital for these projects.
About Petros PACE Finance Petros PACE Finance, LLC is the 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. Learn more at petros-pace.com.