PACE Loan Group Continues National Expansion and Opens Office in Chicago
PLG’s expansion follows the closing of two C-PACE financings in Illinoisa $5.7 million financing of the change of flag and the renovation of a hotel in Rosemont, ILand one $1.9 million financing for a townhouse development in Chicago suburb. CEO Rafi Golberstein commented “We are happy to be rooting in Chicago and strengthen our national presence. As an approved C-PACE capital provider throughout Illinoiswe’re excited to offer hands-on guidance statewide.”
PLG shares the office suite with Midloch Investment Partners (“Midloch”). Andy SinclairCEO of Midloch, noted the synergies between the two: “Midloch, as a provider of joint venture capital, and PLG, a PACE originator, are sources of capital for developers and operators, so we are looking at the same agreements “The two sources of capital are synergistic. Being co-located with PLG will be beneficial to our clients. PACE is an asset to Midloch clients and vice-versa. We know that when a transaction has C-PACE, it only makes increase returns on equity.
PLG Chicago office will be represented by Matthew McCormack, VP Originations. The company is headquartered in Minneapolis, Minnesota, and has loan originators located throughout the Midwest and both coasts. PLG is the most active C-PACE lender in Minnesota and has nationwide agreements in 15 states.
Commercial developers can use C-PACE to obtain low-cost, long-term financing for sustainable building improvements. C-PACE uses borrowed capital which is repaid over a period of twenty to thirty years via tax assessments. According to PACENation, more than $2 billion C-PACE loans have financed more than 2,500 commercial projects.
About PACE Lending Group
PACE Loan Group (PLG) is a national leader in the C-PACE market, providing direct C-PACE financing to commercial landlords for energy efficiency, renewable energy, water conservation and seismic projects. The PLG team has decades of experience in commercial lending and structured finance, providing expertise from top to bottom of the capital stack. To learn more about PLG, visit our website at www.paceloangroup.com.
Midloch bridges the gap between quality real estate, quality investors and quality management. Midloch invests as a joint venture investor in real estate transactions in the small to mid-sized market (deals valued between $5–$50 million). Midloch focuses on investing in apartments, industrial, retail and office properties using a value-added strategy. With a collective experience in property investment, development and private equity lending, the Midloch team is uniquely positioned to research and uncover valuable property investment opportunities across the country. For more information, visit our website at www.midloch.com.
SOURCE PACE Lending Group