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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.
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| 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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