PACE Loan Group receives corporate investment from CarVal investors
MINNEAPOLIS, November 17, 2021 / PRNewswire / – PACE Loan Group (PLG), a national leader in the clean energy commercial property valued (C-PACE) market, announced the closing of a corporate investment from funds managed by CarVal Investors. CarVal and PLG’s partnership will also extend to other capabilities, including working together on large-balance PACE loans.
âCommercial real estate credit and renewable energies are two sectors that CarVal is familiar with,â said Jerry keefe, director at CarVal Investors. âC-PACE is at the intersection of these investment strategies and provides a funding structure that fits well into our portfolio. PLG is an established and experienced nationwide direct PACE lender and we are delighted to partner with them. ”
Founded in 2017, PLG is led by commercial and financial real estate professionals who are committed to providing PACE as an easy addition to developer capital stacks for new construction and renovation projects. Rafi Golberstein, co-founder and CEO commented: âThis is a great partnership; CarVal’s investment strengthens PLG’s ability to grow and continue to execute large-scale financing arrangements, while strengthening our position in the C-PACE market nationwide.
Commercial developers and real estate owners can use C-PACE to secure low-cost, long-term financing for green building improvements. C-PACE is an attractive financing option, using borrowed capital to pay for up-front costs associated with improving energy efficiency or renewables. But unlike other project finance options, borrowed capital is repaid over 20 to 30 years via tax notices. According to PACENation, more than 2,500 commercial projects have been financed by PACE loans, with an investment exceeding $ 2 billion. Today, more than 37 states have adopted PACE-friendly legislation and policy because of the opportunity to improve the sustainability of buildings, with new legislation pending nationwide.
About PACE Loan Group
PACE Loan Group (PLG) is a national leader in the C-PACE market, providing direct C-PACE financing to commercial property owners for energy efficiency, renewable energy, water conservation and seismic. The PLG team has decades of experience in commercial lending and structured finance, providing expertise from top to bottom of the capital stack. To learn more about PLG, visit our website at www.paceloangroup.com.
About CarVal Investors
CarVal Investors is one of the world’s leading managers of alternative investment funds. Since 1987, CarVal has invested 131 billion dollars in 5,580 transactions in 82 countries. CarVal has a long history of successful investments in energy and electricity and is an innovator in structuring partnerships in the renewable energy industry. For more information visit www.carvalinvestors.com.
Contact: Rafi Golberstein
E-mail: [emailÂ protected]
SOURCE CarVal Investors; PACE Loan Group