NEW YORK, Oct. 10, 2018 /PRNewswire/ -- ING Capital
LLC ("ING") announced today that it has closed a $25 million credit facility with Petros PACE
Finance, the leading Commercial Property Assessed Clean Energy
("C-PACE") lender in the U.S. The facility has a unique structure
which enables Petros to aggregate assets and dovetails seamlessly
with secondary market permanent financing solutions. The
facility will support the continued growth of Petros' programs
while bolstering its liquidity position and financing base.
"The C-PACE market continues to grow by leaps and bounds, and
this credit facility provides us the flexibility and liquidity to
extend our financing solutions to the market. We have a healthy mix
of institutional investor partners committed to buy our C-PACE
loans and some of those investor partners prefer to acquire the
assets in small tranches for efficiency purposes. This facility
enables that increased efficiency," said Jim Stanislaus, Co-Founder and CFO, Petros PACE
Finance. "ING is a trusted financial partner that shares our
commitment to improving sustainability with commercial property
development."
"ING has a long track record of providing financing solutions to
sustainable and environmentally friendly projects and businesses
across global markets and sectors," said Sandeep Srinath, Director, Structured Solutions
Group, ING Americas. "We are strong supporters of PACE programs in
the U.S. and have seen impressive growth in this market, providing
a suite of financing solutions to leading companies in this space
such as Petros."
Sustainable financing initiatives remains a strong priority for
ING and the addition of Petros to its client portfolio further
strengthens its commitment to PACE and environmentally friendly
initiatives. This is ING's fourth PACE related credit
facility in recent months.
Press enquiries:
Elaine Clark
Elaine.Clark@ing.com
+1646-424-7021
ING CAPITAL LLC
ING Capital LLC is a financial
services firm offering a full array of wholesale financial lending
products and advisory services to its corporate and institutional
clients. ING Capital LLC is an indirect U.S. subsidiary of ING Bank
NV, part of ING Group (NYSE: ING), a global financial institution
of Dutch origin. The purpose of ING Bank is empowering people to
stay a step ahead in life and in business. ING Bank's more than
51,000 employees offer retail and wholesale banking services to
customers in over 40 countries.
Petros PACE Finance LLC
Austin-based Petros PACE Finance, LLC is a
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
of C-PACE: Commercial lending, structured finance, debt fund
management, and direct long-term institutional investor
relationships.
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SOURCE ING Capital LLC