AUSTIN, Texas, April 16, 2020 /PRNewswire/ -- Petros PACE Finance, the leading provider of Commercial Property Assessed Clean Energy (C-PACE) financing, recently increased its ING Capital LLC ("ING") credit facility. A three-bank syndicate consisting of Stifel Bank, Midwest BankCentre and Providence Bank joined the ING facility with the additional capital.
"We are pleased to build on our strong relationship with ING with the addition of these new financial partners," said Jim Stanislaus, Co-Founder and Chief Financial Officer at Petros PACE Finance. "Andy Meyer, Senior Vice President at Petros, has a long-standing relationship with the three-bank syndicate that paved the way for a seamless integration into our financing platform. This increased capacity will allow us to keep pace with our projected growth trajectory and give us even more flexibility with our committed financial off-take partners. "
The expanded facility will add to the already significant war chest allowing Petros to close on billions of dollars in C-PACE transactions nationwide and provide additional flexibility to execute on strategic initiatives as the firm aggressively scales its platform.
"Our deal pipeline has grown exponentially, and we are continuing to see even more opportunities in the C-PACE market, even amid this drastic constriction in the broader lending environment for commercial real estate projects," said Mansoor Ghori, Chief Executive Officer and Co-founder at Petros PACE Finance. "This line expansion marks another milestone for Petros and will allow us to more fully take advantage of this unprecedented disruption in the economy."
"We believe Petros PACE Finance is well-positioned for continued growth in a dynamic, emerging market space and has shown impressive progress in building out its C-PACE financing platform," said Sandeep Srinath, Director - Global Securitization Group at ING. "We've developed a strong working relationship with the team at Petros and this credit line serves as an extension of the confidence that we have in them."
"We have enjoyed building our relationship with the team at Petros and ING," said George Kriegshauser Vice President Commercial Lending at Stifel Bank. "We are impressed with the fundamentals of the Petros business model and look forward to a long-term partnership together."
Wes Burns, Market President of Providence Bank added, "As a steward to the communities we serve, it is very rewarding to participate in financing related to clean energy improvements through the application of C-PACE."
"As a values-based financial institution, Midwest BankCentre is proud to partner with Petros and ING as they work to bring energy efficiency and renewable energy to more people and invest in the long-term sustainability of the communities we serve," stated Orvin T. Kimbrough, Chairman and CEO of Midwest BankCentre.
About Petros PACE Finance
Petros PACE Finance, LLC is the national leader in the C-PACE marketplace, dedicated solely to providing long-term C-PACE financing to commercial property owners seeking to lower energy costs, reduce their carbon footprint and increase property values. The leadership team has over 100 years of executive-level experience in commercial lending and structured finance, with direct long-term institutional investor relationships. With billions in committed capital, Petros is able to close transactions in eligible C-PACE markets nationwide. To learn more about Petros PACE Finance visit our website at www.petros-pace.com/.