Petros PACE Finance Closes First Deal in Washington, D.C.
AUSTIN, Texas, July 25, 2017 -- Petros PACE Finance has closed its first Commercial Property Assessed Clean Energy (C-PACE) transaction in Washington, D.C.
The $531,350 loan to the District of Columbia Baptist Convention will fund cost saving energy retrofits in the 58-year-old building owned by the non-profit organization at 4025 9th Street SE.
"Petros PACE is excited to close our first deal in the Washington, D.C. area as we continue to expand nationwide," said Petros CEO Mansoor Ghori. "Energy retrofits can be difficult for any property owner to finance, and that's especially true for non-profits. This loan will enable the D.C. Baptist Convention to invest in long-term energy savings without any negative impact on its budget or ability to carry out its mission."
The new HVAC units, LED lighting and windows along with upgraded electrical infrastructure and building envelope improvements are expected to save the D.C. Baptist Convention more than $800,000 over the life of the project and create a more comfortable learning environment for the students at The Early Childhood Academy, which leases the majority of the 15,000-square-foot building.
The project will be financed without any out-of-pocket expense to the D.C. Baptist Convention through the D.C. PACE program, which allows commercial property owners to retrofit their buildings with renewable energy and energy efficient systems by borrowing money from a private lender and repaying the loan via a special assessment on their local property tax.
Petros is one of the first specialty finance firms in the U.S. to dedicate all of its resources to the commercial PACE market nationwide.
Currently available in 32 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 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.
For more information visit http://www.petros-pace.com.
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, Tommy Deavenport and Jim Stanislaus – have substantial experience in structured finance and lending, and bring significant value to all parties involved in the transactions in which they participate.