First Commercial Property Assessed Clean Energy Deal In The State
AUSTIN, Texas- Petros PACE Finance, LLC (petros-pace.com) and Twain Financial Partners today announced the closing of a $4 million Commercial Property Assessed Clean Energy (C-PACE) transaction. The project will fund energy efficiency upgrades to a 106-year-old building in downtown Omaha, turning the historic structure into a 90-room Hilton Curio Hotel.
“The principals of Petros have known the principals of Twain for many years. We are happy to close this transaction together,” said Petros Co-Founder and CFO Jim Stanislaus.
“Since we are both steering team members of the C-PACE Alliance (www.c-pacealliance.com), we’re happy to expand our relationship further by working on this transaction with the Petros team,” said Andy Meyer, Twain’s Director of PACE Financing.
Property owner AAD Capital Partners will use the C-PACE financing to purchase and install energy efficient items: New lighting, roof, windows, HVAC, building automation system, elevators and low-flow plumbing.
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“We could not be more pleased—PACE introduces a new solution for building upgrades with no additional cost to the owner,” said Edward Chen of AAD Capital Partners.
Chattanooga-based ViaNova Development, a specialist in renovating older buildings, is the project developer.
The loan was originated by PACE Sage Capital, a Midwest-based firm specializing in originating quality C-PACE transactions.
The upgrades are expected to generate over $3.5 million in energy savings over the 15-year loan. The borrower will repay the loan via a special assessment on their local property tax.
“Adaptive reuse of large, older buildings is always a challenge, particularly when it comes to improving energy efficiency,” said Petros PACE Finance CEO Mansoor Ghori. “The C-PACE program allows property owners to be cash flow positive from day one.”