That past few months have been exciting for Petros PACE Finance and the C-PACE market.
More developers are seeking C-PACE for new construction, as state and local initiatives to fight climate change drive demand for energy efficient buildings. I spoke with the New York Times about the growth of C-PACE in an article published in August. The article highlighted the Omaha Capitol District mixed-use project that Petros financed last year as an example of how C-PACE helps developers meet green building requirements.
More cities and states are embracing C-PACE, as education efforts eliminate concerns. Only one commercial building owner in the U.S. has ever defaulted on a PACE loan, according to the report published by Berkeley National Laboratory, and there have been thousands of deals funded to date. In addition, a Morningstar report predicted that the Climate Mobilization Act New York City passed earlier this year will drive the growth of C-PACE.
As a result of broadening awareness in the market, the diversity and quality of the deals we are seeing continues to increase. Over the past few months, Petros has financed a student housing facility, senior living facility, two YCMAs, a shopping center, an office building, and hotels.
Petros continues to play a leadership role in promoting C-PACE as a tool for financing economic development and sustainability. We recently became a national sponsor of the Council of Development Finance Agencies (CDFA) and we look forward to participating in the CDFA National Development Finance Summit on November 6th. You can catch our SVP – Sales, Rachel Davis, moderating a panel on C-PACE at the event.
The Petros team continues to grow. Most recently, C-PACE industry veteran, Andy Meyer, joined as SVP. Andy joined from Twain Financial Partners, where he started and oversaw Twain’s C-PACE platform. Other additions include Sarah Christian as VP – Legal, Ariel Ritchie as Underwriting Account Manager, Brett Weir as Underwriting Manager and Baltazar DeHoyos as Transaction Senior.
With billions in committed capital and strategic additions to strengthen our origination, transaction and underwriting operations, Petros is well-positioned to meet the growing demand for C-PACE across the country. To date, Petros has unlocked $465 million in lifetime savings for property owners and developers, with more projects in the pipeline and a huge potential market.
I’m proud of what our team and all our partners have accomplished so far this year and look forward to achieving more industry-defining milestones as we continue to build the C-PACE market.
CEO, Petros PACE Finance