Monday, May 4, 2020

Stonehill Secures Financing Facility for $100 Million in Property Assessed Clean Energy (PACE) Lending for All Asset Classes




Anne Hill



ATLANTA, GA, May 4, 2020—Officials of Stonehill today announced the company has secured financing for $100 million of Property Assessed Clean Energy (PACE) lending for all commercial real estate asset classes. 

The additional, privately-funded capacity already is being used to retroactively fund multiple development projects impacted financially by the on-going coronavirus pandemic.

Mat Crosswy

“These are trying times for virtually everyone, and unfortunately, financing is one of the hardest hit corners of the economy,” said Anne Hill, president, Stonehill PACE, a division of Stonehill. 

“However, we have the financial capacity and team of experts to help owners and developers navigate these turbulent waters together. 

"We are confident that this crisis, too, shall pass, and we are here to provide a financial lifeline to tide people over during the interim.”

Mat Crosswy, principal, Stonehill, added: “With the economy currently on hold and sources of financing, like the Paycheck Protection Program, drying up almost as quickly as they come online, PACE financing is a clear alternative for everyone from developers looking to restart temporarily stalled projects to owners seeking additional operating expense capital for already completed assignments.

“Currently, we are fielding increased requests as developers contend with everything from mezzanine financing walking away from deals to the need for rescue capital.

“As direct lenders with the ability to close funding quickly and on schedule despite COVID-19 disruptions, we are doing deals right now for all asset classes.

 “To date, we’ve provided funding for multi-family and hotel projects midway through the construction process and expect to process millions of dollars more in short order.”

 To discuss potential financing opportunities, please contact Brent LeBlanc at 713-666-2544 or bleblanc@stonehillsc.com.

CONTACTS:

 Chris Daly, media
(703) 435-6293  
                                                               
 Brent LeBlanc, corporate
(713) 666-2544 


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