Petros funds more than $ 100 million in Refi transactions with C-PACE as a relief valve for commercial property owners facing Covid constraints
AUSTIN, Texas, March 10, 2021 / PRNewswire / – Petros PACE Finance nearly tripled its total 2019 deal volume in 2020. This included more than $ 100 million in Retroactive Clean Energy Assessed Transactions for Commercial Properties (C-PACE), as more commercial property owners have used C-PACE as a refinancing tool to raise funds and reduce expenses in response to challenges and uncertainty associated with the pandemic.
Petros has completed refinancing operations in eight states in the past 12 months. C-PACE refinancing demand continues to increase in 2021, fueled by continued business disruptions and capital restrictions among traditional lenders, as well as broader availability and market knowledge. Based on a pipeline of over $ 2 billion in the single refinancing of C-PACE, Petros expects to close multiples of its 2020 volume this year.
“The economic crisis linked to the pandemic has led many commercial property owners to seek other financing options, and we are fortunate to have helped so many of them – with refi transactions increasing dramatically as a percentage of the total volume of transactions, ”said the CEO of Petros. Mansour ghori. “While C-PACE has been instrumental in helping homeowners weather this storm, we are seeing more interest than ever in C-PACE as the preferred refinancing tool as it improves financial performance over time. term and the effectiveness / durability of their properties. “
Paid off by a special appraisal on the property, C-PACE fixed rate refinancing is available for terms of up to 30 years and allows developers and homeowners to:
- Pay off senior debt and / or replace mezzanine debt with cheaper, non-recourse financing.
- Modify existing mortgage bonds to reduce leverage and create interest reserves for senior debt.
- Defer short-term repayment obligations by capitalizing up to two years of interest payments into the financing.
- Repay or repay the equity of the investor or sponsor.
- Generate cash flow to keep businesses in business and employees on payroll.
C-PACE can be used by owners of almost any type of commercial property for a long list of energy, water, and resource-focused expenses that typically involve a building’s mechanical, electrical, and plumbing systems. , as well as the building envelope. To qualify for refinancing, developments or improvements in efficiency must have been made within the last one to three years, according to the applicable regulations of the C-PACE program.
About Petros PACE Finance
Austin, TexasPetros-based PACE Finance, LLC is the national leader in the Clean Energy-Valued Commercial Property (C-PACE) market, dedicated solely to providing long-term C-PACE financing to commercial property owners seeking to reduce their energy costs and carbon footprint. , and increase the value of properties. Its management team has decades of executive level experience in commercial lending and structured finance, with direct, long-term relationships with institutional investors. With billions of dollars in committed capital, Petros is able to complete transactions in eligible C-PACE markets nationwide. To learn more about Petros PACE Finance, visit our website at www.petros-pace.com.
SOURCE Petros PACE Finance, LLC