AUSTIN, Texas, Dec. 21, 2018 /PRNewswire/ — Petros PACE Finance, LLC (www.petros-pace.com) announced today the closing of a $24.9 million Commercial Property Assessed Clean Energy (C-PACE) transaction in in Omaha, Nebraska with Shamrock Development, Inc., an Omaha-based development company chosen by the Metropolitan and Convention Authority to redevelop the two-block site as part of an urban renewal effort for downtown Omaha.

The project will fund C-PACE eligible upgrades for the $205 million mixed-use development called the Capitol District. The development includes a 333-room Marriott hotel, a 223-unit apartment building, and 90,000 square feet of retail space. The project will consist of significant energy efficiency measures that will generate substantial savings over the 22-year terms of financing. C-PACE was a natural complement to the capital stack that also included multiple senior lenders, an EB-5 mezzanine tranche, and a Tax Increment Financing component. The City of Omaha administered the C-PACE financing for the Eastern Nebraska Clean Energy Assessment District (ENCEAD).

“It was great working with the Petros PACE Finance team. Their experience handling large C-PACE transactions is unparalleled. The PACE financing solution will provide long-term stability for our capital stack, and it pays us back for a significant investment in energy efficiency throughout the Capitol District,” said Mike Moylan, president of Shamrock Development.

“This is an exciting time for C-PACE. We are at an inflection point where developers realize the substantial value and efficiencies C-PACE brings to their capital stack,” said Petros PACE Finance CEO Mansoor Ghori. “Additionally, the energy savings achieved through these improvements can be substantial, as they were for the Capitol District. We’re pleased to be involved in this project with Mike and his team at Shamrock.”

Last month, Petros PACE Finance announced that it had secured a multi-billion-dollar capital commitment from institutional investor partners for funding C-PACE transactions nationwide.  The capital commitment enables Petros PACE Finance to fund massive new construction and gut rehab projects nationally and, most importantly, provides property owners and developers certainty of close on projects financed by Petros PACE Finance.

“We uniquely structured this financing to provide credit enhancement, optimal pricing and significant long-term capital for a strategic Omaha asset,” said Rob Shear, CEO of PACE Sage Capital, a leading C-PACE financing originator in the Midwest.

This is the largest publicly-announced C-PACE transaction in the country to date in 2018. The second largest was a $16.3 million transaction in Columbus, Ohio that was also funded by Petros PACE Finance and closed last week.

Founded in 2013, Petros PACE Finance has dedicated all of its resources to providing long-term C-PACE financing to commercial property owners and developers across the country and has completed C-PACE financing transactions in 11 states, including the District of Columbia.

C-PACE is a long-term, fixed-rate financing product that is secured as a parcel tax assessment and solves many problems that have historically prevented commercial property owners from investing in energy efficiency retrofits or renewable energy retrofits.  Legislatively approved in 36 states, C-PACE financing can also be utilized by developers to replace expensive mezzanine debt or equity in their new construction and redevelopment projects. Petros PACE Finance provides property owners and developers with the low-cost upfront capital for these projects.

About Petros PACE Finance
Petros PACE Finance, LLC is the leading financier of long-term capital for C-PACE. The principals of Petros PACE Finance, Mansoor Ghori, Jim Stanislaus, and Tommy Deavenport, have executive-level expertise in all critical aspects of C-PACE: commercial lending, structured finance, debt fund management, and direct, long-term institutional investor relationships. Learn more at petros-pace.com.

Media Contact: Natalie Groves
Phone: 512-599-9042

SOURCE Petros PACE Finance, LLC

This article originally appeared on PR Newswire.

NORWALK, Conn., Sept. 25, 2018 /PRNewswire/ — Petros Partners announced today its investment in TruOps, LLC, a leading cybersecurity, risk and compliance management software company headquartered in Norwalk, Connecticut. The investment will be used to further develop and market the TruOps platform and will bring additional tech jobs to southwestern Connecticut.

The funding comes from the Petros Connecticut Fund I, an $18 million investment fund focused on supporting the growth of Connecticut businesses. The Petros Connecticut Fund operates under the state’s Insurance Reinvestment Tax Credit Program and is in place to encourage and assist in the creation, development, and expansion of Connecticut businesses by providing them access to both capital and operational expertise.

“Identifying and financing companies like TruOps is rarely straightforward,” said Petros Partners co-founder and CFO Jim Stanislaus. “The Petros approach is to be patient, disciplined and creative. We work hard to make sure the managers of great companies—like TruOps—have the capital and flexibility they need to build their businesses in the way that is most conducive to their growth and potential. We like the sector and haven’t seen another business capable of delivering similar solutions as TruOps.”

Organizations rely on TruOps’ cloud-based platform to improve their cybersecurity, manage risk and stay on top of regulatory compliance. TruOps automates the entire risk and compliance management process with a simple by design framework which is quick to deploy and easy to use. TruOps comes pre-loaded with many standards including SOX, HIPAA, ISO, etc.

“TruOps is an outstanding company with a bright future,” said Barry Schwimmer, Managing Director of the Petros Connecticut Fund. “It has been very rewarding to get to know the business more closely and help the team formulate a solid plan. Transactions such as this help foster growth and employment in our state, which is exactly why we formed this fund. We view this investment as a direct boost to job growth in the growing tech industry in Connecticut.”

“Businesses today are increasingly dependent on technology and use interconnected systems for their employees and external partners and vendors. This leads to an overwhelming amount of enterprise risk, security threats and compliance challenges,” said TruOps CEO Ajay Gupta. “We’re pleased to be partnering with Petros to continue to protect our clients and promote Connecticut as a hub for tech and software; we look forward to our continued expansion. Petros has been a pleasure to work with on this critical step in our company’s evolution.”

About Petros Partners
Petros designs, builds, and operates financial services businesses. Based in Austin, Texas, the Petros team has decades of institutional private investment and structured finance experience, totaling over $2 billion in transactions. The firm maintains strong, direct relationships with the C-level at major insurance companies, asset managers and other institutions as its investor partners. Petros utilizes specific public-private incentives to credit enhance fixed-income investment products for these investors partners, which helps capitalize Petros’ investment platforms. Learn more at petrospartners.com.

About TruOps
TruOps was founded to deliver an integrated security, risk and compliance management cloud-based platform to address the challenges of over engineered, complex GRC implementations. TruOps is an exceptionally adaptive and simple to use platform created by risk, identity and security professionals. The software uniquely combines risk management with insider and external threat intelligence to give enterprises a holistic view of risk. TruOps is headquartered in Norwalk, Connecticut. Learn more at truops.com.

AUSTIN, Texas, Aug. 13, 2018 /PRNewswire/ — Petros PACE Finance, LLC, the leading Commercial Property Assessed Clean Energy (C-PACE) lender in the U.S., today announced Josh Smith has joined its team as Vice President of Legal and Policy. A veteran to the C-PACE industry, Smith will be responsible for transaction closings, managing program administrator relationships and other policy-related activities.

“The C-PACE market continues to see off the charts growth, and we have a long history of successfully managing transactions from soup to nuts. Adding Josh to the equation will add even more value to our transaction process,” said Petros PACE Finance CEO Mansoor Ghori. “Josh’s legal experience, paired with his knowledge of the C-PACE market, will provide tremendous assistance to our team. We are thrilled to have him on board.”

Smith has considerable experience in the C-PACE industry, having previously served as Senior Transaction Counsel to CleanFund. Prior to CleanFund, Smith worked as a commercial loan administrator for Umpqua Bank. While there, he helped restructure the Commercial Real Estate Servicing Team and processed the following for commercial real estate transactions: Loan extensions, modifications, and workouts. Smith also worked as a law clerk for the Hon. Scott A. Oravec, U.S. Magistrate Judge for the District of Alaska.

Petros PACE Finance Austin-based Petros PACE Finance, LLC is the leading financier of long-term capital for C-PACE. The principals of Petros PACE­­—Mansoor Ghori, Jim Stanislaus, and Tommy Deavenport—have executive level expertise in all critical aspects for C-PACE: Commercial lending, structured finance, debt fund management, and direct long-term institutional investor relationships.

Media Contact: Natalie Groves

Phone: 512-599-9042

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