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.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).