Petros Pace Continues to Expand with New Houston Hire

PETROS PACE CONTINUES TO EXPAND WITH NEW HOUSTON HIRE

Business Development Officer Rachel Davis to focus on Houston and select U.S. markets

AUSTIN, TEXAS (January 19, 2017) — Petros Pace Finance LLC has hired Rachel Davis as its newest business development officer as it expands its Property Assessed Clean Energy (PACE) business in Houston and other select markets across the country.

Davis joins Petros from NRG Energy, a Fortune 200 company, where as director of business development she helped create tailored energy solutions to help companies meet their energy reduction and sustainability goals. Most recently, she led a national business development team that pursued partnerships for solar, wind, energy efficiency and combined heat and power systems with Fortune 500 clients.  
Prior to her director role, Davis served as a marketing manager at Reliant Energy for 12 years helping commercial real estate, retail and banking sector clients manage commodity price risks through electricity contracts.
“PACE financing is a game changer in the energy efficiency and renewable energy space, allowing far more companies and property owners to invest in technologies and building improvements that lower their energy usage and costs,” Davis said.  “Petros PACE has proven itself to be the clear leader in the market, and I am excited to be a part of their very talented and experienced team.”
Petros began funding commercial PACE projects in 2016. The company closed 22 transactions in the first year, becoming the first private lenders to complete PACE transactions in Colorado, Michigan, Minnesota and Texas.
“We see the potential for significant growth in the PACE market in 2017, and we’re expanding our team accordingly,” said Petros CEO Mansoor Ghori. “Rachel’s considerable experience in energy and finance combined with her commitment to help companies lower their energy costs and become more sustainable makes her a perfect fit for our team.”

A Texas native, Davis graduated with honors from Texas A&M University with a BBA in Marketing and a certificate in International Business. 

Petros PACE Finance

Austin-based Petros PACE Finance, LLC is solely dedicated to providing long-term PACE financing to U.S. commercial property owners seeking to increase their property values and reduce their carbon footprint. The principals of Petros PACE Finance – Mansoor Ghori, Tommy Deavenport and Jim Stanislaus – have substantial experience in structured finance and lending, and bring significant value to all parties involved in the transactions in which they participate.

Media Contact: Kate Miller Morton
Phone: (512) 922-6277

Petros PACE Funds Energy Efficiency Upgrades for Lansing-Area Property

PETROS PACE FUNDS ENERGY EFFICIENCY UPGRADES FOR LANSING-AREA PROPERTY

Project enabled by $718,000 PACE loan expected to save owner more than $1.8 million

AUSTIN, TEXAS (Jan. 9, 2017) — Petros PACE Finance, LLC has completed a $718,000 Property Assessed Clean Energy (PACE) transaction with a Michigan property owner that will fund significant energy efficiency upgrades to a 36-year-old commercial facility.

Property owner Delta Business Center, LLC plans to install a new HVAC system, LED lighting, high-efficiency fans, modern building automation system and skylights in its Delta Business Center, a 93,000 square foot light industrial building that previously housed the Lansing State Journal printing and distribution facility.

The investment is expected generate more than $1.8 million in energy savings over the 20-year life of the loan. The project will be financed without any out-of-pocket expense to Delta Business Center, LLC through the Lean & Green Michigan PACE program, which allows commercial property owners to retrofit their buildings with renewable energy and energy efficient systems by borrowing money from a private lender and repaying the loan via a special assessment on their local property tax.

“The PACE program makes it incredibly easy for property owners to invest in energy efficiency by making it a cash flow positive project for the borrower” said Petros CEO Mansoor Ghori. “With the cost of this investment spread out over two decades, the energy savings will help attract users and tenants into this obsolete and essentially vacant facility.”

Like all PACE loans, repayment will be facilitated through the county property tax assessment process. Voluntary assessments are placed on the building owner’s property tax bill, and the assessment is repaid over an agreed term of up to 20 years.

The assessment obligation automatically transfers to the next owner if the property is sold before the loan is repaid.

“We invest in sustainability and energy efficiency because it’s the right thing to do, and it’s good for our prospective tenants and their businesses,” said Delta Business Center President and CEO Murray D. Wikol, who, through his affiliate company Provisions, LLC, focuses on real estate redevelopment, public-private joint ventures, economic development, and job creation and retention. “Open floor plans and lower energy and maintenance costs make the building more attractive to a prospective tenant because it improves the quality of life for their workforce and saves money. With PACE financing there is no upfront out of pocket expense, therefore being sustainable and energy efficient is the obvious, noble and correct decision.”

This is the second commercial PACE project to close in Eaton County.

“The commercial PACE market is really starting to take off in Michigan as we enter 2017,” said Andrew Levin, president of the Lean & Green Michigan PACE program. 

Petros is one of the first specialty finance firms in the U.S. to dedicate all of its resources to the commercial PACE market nationwide.

Currently available in 32 states and Washington, D.C., PACE financing makes comprehensive clean energy projects possible on a broader scale for the first time by:

  • Providing up to 100 percent financing to commercial property owners in order to fund energy efficient projects that deliver deep energy cost savings through the life of the loan.
  • Rendering a private loan into a property tax obligation and enabling lenders to grant longer terms of up to 30 years or the useful life of the upgrades.
  • Allowing commercial property owners to increase the value of their existing buildings by reducing total energy costs and increasing net operating income.

For more information visit http://www.petros-pace.com.

Petros PACE Finance

Austin-based Petros PACE Finance, LLC is solely dedicated to providing long-term PACE financing to U.S. commercial property owners seeking to increase their property values and reduce their carbon footprint. The principals of Petros PACE Finance – Mansoor Ghori, Tommy Deavenport and Jim Stanislaus – have substantial experience in structured finance and lending, and bring significant value to all parties involved in the transactions in which they participate.

Media Contact: Kate Miller Morton
Phone: (512) 922-6277

Petros PACE Finance Closes Fifth Michigan Transaction

PETROS PACE FINANCE CLOSES FIFTH MICHIGAN TRANSACTION

Project enabled by $300,000 PACE loan expected to save owner more than $600,000

Austin, TEXAS (January 5, 2017) — Petros PACE Finance, LLC has completed a $300,000 Property Assessed Clean Energy (PACE) transaction with a Michigan multifamily property owner that will fund significant energy efficiency upgrades to the 88-year-old New Amadore Apartments.

Property owner Niche Properties plans to replace all 281 original single pane windows in the 63-unit apartment building, greatly improving the property’s energy efficiency while also preserving its historic appearance. Through reduced utility costs and depreciation benefits, the project is expected to save $610,000 over the course of the 20-year loan.
The project will be financed without any out-of-pocket expense to Niche Properties through the Lean & Green Michigan PACE program, which allows commercial property owners to retrofit their buildings with renewable energy and energy efficient systems by borrowing money from a private lender and repaying the loan via a special assessment on their local property tax.

“PACE financing is really taking off in Michigan as more and more property owners learn how incredibly easy and affordable the Lean & Green Michigan PACE program makes investing in energy efficiency,” said Petros CEO Mansoor Ghori. “With the cost of this investment spread out over 20 years, the savings will exceed the cost of the annual payments from the very first year.”

Niche Properties owner Maroo Nahikian said the New Amadore Apartments is an architectural gem that deserves to be preserved.

“It’s great that the PACE program could fill a financial void that allows us to make this special historic property an efficient living solution for years to come,” Nahikian said. “We are proud to be the first Saginaw property owner to use this program to bring efficiencies to older structures, and hopefully we won’t be the last.”

Like all PACE loans, repayment will be facilitated through the county property tax assessment process. Voluntary assessments are placed on the building owner’s property tax bill, and the assessment is repaid over an agreed term of up to 25 years.

If the property is sold, the subsequent owner picks up the remaining assessment obligation while also reaping the benefits of the energy efficiency measures that were installed.

“The New Amadore project is noteworthy for so many reasons,” commented Andy Levin, President of the Lean & Green Michigan PACE program. “Not only is it the first PACE project in Saginaw County and our first on a structure in an historic district, but it’s going to have such an immediate positive impact on people’s lives. The New Amadore apartments will go from drafty to cozy very quickly, and everyone involved will save money.”

Petros is one of the first specialty finance firms in the U.S. to dedicate all of its resources to the commercial PACE market nationwide. This is the fifth PACE loan that Petros has completed in Michigan.

Currently available in 32 states and Washington, D.C., PACE financing makes comprehensive clean energy projects possible on a broader scale for the first time by:

  • Providing up to 100 percent financing to commercial property owners in order to fund energy efficient projects that deliver deep energy cost savings through the life of the loan.
  • Rendering a private loan into a property tax obligation and enabling lenders to grant longer terms of up to 30 years or the useful life of the upgrades.
  • Allowing commercial property owners to increase the value of their existing buildings by reducing total energy costs and increasing net operating income.

For more information visit http://www.petros-pace.com.

Petros PACE Finance

Austin-based Petros PACE Finance, LLC is solely dedicated to providing long-term PACE financing to U.S. commercial property owners seeking to increase their property values and reduce their carbon footprint. The principals of Petros PACE Finance – Mansoor Ghori, Tommy Deavenport and Jim Stanislaus – have substantial experience in structured finance and lending, and bring significant value to all parties involved in the transactions in which they participate.

Media Contact: Kate Miller Morton
Phone: (512) 922-6277