PACE Loan Group

Our COO Bali Kumar was just elected as the Board Chair for Minnesota’s Green Bank, MNCIFA for the second year in a row! The Minnesota Climate Innovation and Finance Authority (MNCIFA), which works under the Minnesota Department of Commerce, works to “ensure all Minnesotans share the individual and economic benefits of clean and #renewableenergy, particularly in low-income communities, environmental justice communities and communities in which fossil fuel electric generating plants are retiring.” As a direct lender for the renewable and #energyefficiency financing tool #CPACE, PACE Loan Group's goal is to ground communities with buildings that improve the spaces that they inhabit – and MNCIFA’s mission is central to promoting that goal within the state of our corporate headquarters. C-PACE for #ESG: https://hubs.li/Q02_X2j30

In response to the tough post-pandemic #office environment, many owners are modernizing their properties as in-person work resumes or are looking to convert to #multifamily, which can be difficult to secure financing for. “To undergo either a significant renovation or a repurpose, the property owner needs a cash infusion or debt,” PLG CEO Rafi Golberstein said in his most recent Forbes article, C-PACE Financing; A Way To Reinvigorate Downtowns Across The US. “Without positive cash flow from existing tenants, those property owners with nearly vacant properties have few options.” For owners who are familiar with this scenario, PACE offers a solution. In the past quarter, we provided nearly $25M in #CPACE to retroactively finance improvements to the common areas of an LA office building, which is seeing renewed tenant interest in the past year. We’re also currently working on a $15.8M office conversion deal in St. Paul, MN, which is being converted into about 175 apartments, along with several other office deals across the Midwest. Read how C-PACE can bring life back into your office: https://hubs.li/Q02_Wngm0

Take a look at our December newsletter to read about our most recent California #Hospitality transaction, how #CPACE transactions are getting larger every year, our newest team members, and a playlist curated by PLG!

Last week, we closed on a $10.6M #CPACE loan for the new construction of an extended-stay Home2 Suites hotel, located in the Northeast Bay Area of #California. For this hotel, the PACE proceeds covered #energyefficiency improvements as well as #seismic strengthening measures, since it’s located in a seismically active area. “We’re seeing C-PACE deployed for seismic projects along the West Coast more and more,” said PLG VP of Underwriting, Jacob Roth. “In addition to funding energy efficiency improvements, C-PACE is an accretive way to finance weather resiliency measures, which are becoming increasingly important as extreme weather events occur with more frequency and intensity.” Read about the project: https://hubs.li/Q02_0rwG0

PLG’s growth can’t be stopped! Peter Grabell joined the PACE Loan Group team this week as Managing Director, Head of Production after more than 25 years of loan origination management. “As our growth trajectory continues, we recognized the need to add leadership at the production level to guide and support our originations team, which doubled last year,” said CEO Rafi Golberstein. “We are excited to have Peter’s experience in relationship building, #CPACE executions, and leading sales professionals, and know he’ll be a great cultural fit.” Peter is joining Originator Ina Montejo, VP of Underwriting Jacob Roth, and Analyst Kyle Scislow in PLG’s San Diego Office. Thank you to Green Street’s Commercial Mortgage Alert issue, which featured Peter in their most recent issue. Meet Peter: https://lnkd.in/g2Zr8V75 #goPLG

As our company continues to expand, so does the #CPACE industry; since 2017, over 100 C-PACE loans of $10M or more have been originated. SVP of Originations Loren H. Biller noted how we’ve seen a major uptick in requests for larger PACE loans in the past one to two years. “C-PACE’s inherent benefits – long terms (up to 30 years), fixed rates, and flexibility– are a great tool for sophisticated investors trying to optimize and fill gaps in their #capital stacks,” he said, describing why larger investors are taking notice. With our newly added #CapitalMarkets team member, Eizaan Khan, the PLG team is well-situated to facilitate larger transactions. Contact us today to discuss your next #development transaction: https://hubs.li/Q02-M30c0 Read more: https://hubs.li/Q02-L_tB0

Our SVP of Originations Loren H. Biller is speaking at today's InterFace Conference Group Multifamily Southeast event - reach out to him to learn about #development and #financing trends in the southeast #CRE markets! Thank you to fellow panelists Stephen Farnsworth with Walker & Dunlop, CHAD THOMAS HAGWOOD with Lument, Lee McNeer with PGIM Real Estate, Eric McGee with KeyBank Commercial, and moderator Jason Scott with Regions Bank. Meet with Loren: https://lnkd.in/gGr2NUqu loren@paceloangroup.com (917) 346-1397

PACE Loan Group SVP of Originations Loren H. Biller will discuss creative #capital solutions with Horatio Jones, IV from Wells Fargo and Marc Suarez from Lument at Thursday’s Connect CRE Southeast Multifamily conference in Key Biscayne, #Florida. Learn about opportunities in the southeast market and how to overcome #financing roadblocks on their Financing Hot Spots & Hurdles panel. Meet with Loren: https://hubs.li/Q02-cdKG0 loren@paceloangroup.com (917) 346-1397

Not everyone gets to go into the office every day and work with people they truly enjoy being around, so we wanted to express our gratitude to the Real People of PACE Loan Group! Without our amazing team of individuals, PLG wouldn’t have become the rapidly growing, industry-leading company that it is today. We can’t wait to see what other authentic, quirky individuals we add to the team in the future. #goPLG! Meet the PLG team: https://lnkd.in/d5WZM-5j

We may have just had our fastest closing yet – this month, PACE Loan Group closed on a $2.2M #CPACE loan over the span of 25 days! This loan is for the third phase of #development for Windsor West, an apartment complex near Omaha, Nebraska. Our lending process is completely in-house from quote to close, which allows us to work quickly and efficiently to close #loans. By removing intermediaries from the process, we ensure that we stay connected to our clients throughout the life of their loan, reducing communication issues and keeping deal momentum alive. Read about Windsor West III: https://lnkd.in/gTf7ftya Learn more about the PLG advantage: https://lnkd.in/gHWuWGcf