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Petros Investment Helps Bring Affordable Healthcare to Rural Nevada

Elko Community Health Center will open in early 2022 in Elko, Nevada, providing convenient access to high-quality, affordable healthcare in a rural area.

Petros Partners provided $2.9 million of the $32 million in New Markets Tax Credit allocation that funded the project, which is sponsored by Community Health Development Partners.

The nearly 30,000-square-foot campus will include a 17-bed ambulatory surgery center with three operating rooms, along with adjacent medical office and medical imaging facilities.

Elko Community Health Center is expected to serve more than 11,000 patients each year through a wide range of specialty medical practices, including cardiology, general surgery, ophthalmology, and orthopedics. It also will offer free health- and wellness-related programming for residents of the local community.

Built by an Elko-based general contractor, the new health center will revitalize previously empty retail space in a local shopping mall and create 37 new full-time equivalent jobs.

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Petros PACE Finance Closes $24.9 Million C-PACE Financing in Omaha, Nebraska

AUSTIN, Texas, Dec. 21, 2018 /PRNewswire/ — Petros PACE Finance, LLC (www.petros-pace.com) announced today the closing of a $24.9 million Commercial Property Assessed Clean Energy (C-PACE) transaction in in Omaha, Nebraska with Shamrock Development, Inc., an Omaha-based development company chosen by the Metropolitan and Convention Authority to redevelop the two-block site as part of an urban renewal effort for downtown Omaha.

The project will fund C-PACE eligible upgrades for the $205 million mixed-use development called the Capitol District. The development includes a 333-room Marriott hotel, a 223-unit apartment building, and 90,000 square feet of retail space. The project will consist of significant energy efficiency measures that will generate substantial savings over the 22-year terms of financing. C-PACE was a natural complement to the capital stack that also included multiple senior lenders, an EB-5 mezzanine tranche, and a Tax Increment Financing component. The City of Omaha administered the C-PACE financing for the Eastern Nebraska Clean Energy Assessment District (ENCEAD).

“It was great working with the Petros PACE Finance team. Their experience handling large C-PACE transactions is unparalleled. The PACE financing solution will provide long-term stability for our capital stack, and it pays us back for a significant investment in energy efficiency throughout the Capitol District,” said Mike Moylan, president of Shamrock Development.

“This is an exciting time for C-PACE. We are at an inflection point where developers realize the substantial value and efficiencies C-PACE brings to their capital stack,” said Petros PACE Finance CEO Mansoor Ghori. “Additionally, the energy savings achieved through these improvements can be substantial, as they were for the Capitol District. We’re pleased to be involved in this project with Mike and his team at Shamrock.”

Last month, Petros PACE Finance announced that it had secured a multi-billion-dollar capital commitment from institutional investor partners for funding C-PACE transactions nationwide.  The capital commitment enables Petros PACE Finance to fund massive new construction and gut rehab projects nationally and, most importantly, provides property owners and developers certainty of close on projects financed by Petros PACE Finance.

“We uniquely structured this financing to provide credit enhancement, optimal pricing and significant long-term capital for a strategic Omaha asset,” said Rob Shear, CEO of PACE Sage Capital, a leading C-PACE financing originator in the Midwest.

This is the largest publicly-announced C-PACE transaction in the country to date in 2018. The second largest was a $16.3 million transaction in Columbus, Ohio that was also funded by Petros PACE Finance and closed last week.

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 and has completed C-PACE financing transactions in 11 states, including the District of Columbia.

C-PACE is a long-term, fixed-rate financing product that is secured as a parcel tax assessment and solves many problems that have historically prevented commercial property owners from investing in energy efficiency retrofits or renewable energy retrofits.  Legislatively approved in 36 states, C-PACE financing can also be utilized by developers to replace expensive mezzanine debt or equity in their new construction and redevelopment projects. Petros PACE Finance provides property owners and developers with the low-cost 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 Finance, 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.

Media Contact: Natalie Groves
Phone: 512-599-9042

SOURCE Petros PACE Finance, LLC

This article originally appeared on PR Newswire.

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Petros PACE Finance Receives Private Rating From DBRS On Securitized C-PACE Pool

AUSTIN, Texas, Oct. 24, 2018 /PRNewswire/ — Independent credit rating agency DBRS has bestowed a private rating on a financing of a pool of Commercial Property Assessed Clean Energy (C-PACE) assets originated and funded by Austin-based Petros PACE Finance (www.petros-pace.com).

This rating is subsequent to another private rating issued for Petros on a single asset C-PACE transaction—the first single asset C-PACE transaction ever to receive a rating in the country—issued earlier this year.

“We are gratified to receive such high ratings from this respected agency after very thorough reviews,” said Petros PACE Finance Co-Founder and CFO Jim Stanislaus. “We have long-term, direct relationships with a healthy mix of institutional investor partners. Some of those investors appreciate ratings, so we are pleased to provide this to them. We also appreciated the opportunity in this transaction to leverage T-REX’s structuring platform and Performance Data Service that drives transparency and efficiency.”

The executives at Petros PACE Finance have deep expertise in structured finance and also direct relationships with a diverse mix of institutional investors. Petros PACE Finance served as its own placement agent on the assets and as its own structuring agent on the rated transaction with DBRS.

“We’re thrilled that Petros PACE selected the T-REX Platform to structure and stress their portfolio and manage ongoing performance data,” said Scott Miller, CBDO of T-REX. “We applaud Petros PACE Finance for their progressive approach to providing greater data transparency and access to the ratings and investor community. With additional investor appetite for Petros’ paper, we anticipate they will ramp issuance and scale quickly to unlock more liquidity in this exciting growth market.”

About Petros PACE Finance
Petros PACE Finance, LLC is a 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.

About T-REX 
T-REX is the leading provider of managed data services and enterprise software for esoteric asset classes. With T-REX, market practitioners access a complete suite of tools and data to analyze, assess, and accurately price the risk associated with issuing and investing in renewable energy and other complex asset classes. Learn more at trexgroup.com/abs.

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Petros PACE CEO Mansoor Ghori Featured In Maryland Commercial PACE

Simon Property Group Implements Largest PACE Deal in MD-PACE

Hanover, MD (September 26, 2018) — Anne Arundel County may already claim the seat of the Maryland state government in Annapolis, but it can now lay claim to the site of the largest C-PACE deal in the state, as well. The well-known Arundel Mills Mall used C-PACE financing to implement comprehensive energy efficiency improvements throughout the building. With the closure of this deal, Maryland has surpassed $12 million in C-PACE financing.

The Arundel Mills Mall is the recipient of the largest PACE deal in Maryland as of September 2018.

The project was funded by Petros PACE Finance, LLC. Petros has been involved in the PACE market since 2010. Based in Texas, this is their first deal to close in Maryland. CEO of Petros PACE Mansoor Ghori says, “We are pleased to have closed our first transaction in Maryland, which was also the first PACE transaction to close in Anne Arundel County. We look forward to working with potential partners in the state.”

To learn more about Petros PACE Finance, visit https://www.petros-pace.com/.

To learn more about the MD-PACE program, visit https://www.md-pace.com/.

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