ING Capital increased Petros PACE Finance’s credit facility, which was joined by a three-bank syndicate consisting of Stifel Bank, Midwest BankCentre and Providence Bank.
“We are pleased to build on our strong relationship with ING with the addition of these new financial partners,” Jim Stanislaus, co-founder and CFO of Petros PACE Finance, said. “Andy Meyer, senior vice president at Petros, has a long-standing relationship with the three-bank syndicate that paved the way for a seamless integration into our financing platform. This increased capacity will allow us to keep pace with our projected growth trajectory and give us even more flexibility with our committed financial off-take partners.”
Petros PACE Finance is a provider of commercial property assessed clean energy (C-PACE) financing. The expanded facility will allow the company to close on C-PACE financing transactions nationwide and provide additional flexibility to execute on strategic initiatives as the firm scales its platform.
“Our deal pipeline has grown exponentially and we are continuing to see even more opportunities in the C-PACE market, even amid this drastic constriction in the broader lending environment for commercial real estate projects,” Mansoor Ghori, CEO and co-founder of Petros PACE Finance, said. “This line expansion marks another milestone for Petros and will allow us to more fully take advantage of this unprecedented disruption in the economy.”
“We believe Petros PACE Finance is well-positioned for continued growth in a dynamic, emerging market space and has shown impressive progress in building out its C-PACE financing platform,” Sandeep Srinath, director of the global securitization group at ING, said. “We’ve developed a strong working relationship with the team at Petros and this credit line serves as an extension of the confidence that we have in them.”
“We have enjoyed building our relationship with the team at Petros and ING,” George Kriegshauser, vice president of commercial lending at Stifel Bank, said. “We are impressed with the fundamentals of the Petros business model and look forward to a long-term partnership together.”
“As a steward to the communities we serve, it is very rewarding to participate in financing related to clean energy improvements through the application of C-PACE,” Wes Burns, market president of Providence Bank, said.
“As a values-based financial institution, Midwest BankCentre is proud to partner with Petros and ING as they work to bring energy efficiency and renewable energy to more people and invest in the long-term sustainability of the communities we serve,” Orvin T. Kimbrough, chairman and CEO of Midwest BankCentre, said.
