Petros Completes Nation’s Largest C-PACE Financing at 111 Wall St.
Petros PACE Finance, LLC, the Austin-based provider of Commercial Property Assessed Clean Energy (C-PACE) financing, closed an $89-million transaction for 111 Wall St. in the first C-PACE deal completed within New York City’s recently launched program. The funding is also the largest single C-PACE transaction to date.
“It wasn’t an easy lift but we got the transaction done without much stress, given the complexities of this first-ever for New York City, and the largest-ever for C-PACE nationally,” Petro CEO Mansoor Ghori tells Connect Commercial Real Estate.
The 111 Wall St. PACE financing is part of the $500-million acquisition and reposition financing closed by joint venture-partners Wafra Capital Partners and Nightingale Properties.
He continued, “Developers and owners need time to get a good understanding of C-PACE, and once they do, such as the people at Wafra and Nightingale, they really appreciate its game-changing role in the capital stack.”
- ◦Financing