PACE Equity Expands, Adds $200M in Funding
PACE Equity is adding $200 million in funding for Property Assessed Clean Energy (PACE) commercial real estate funding, the company says. The organization also is adding to its team of experts.
PACE, which is headquartered in Milwaukee, offers innovative ways to finance initial construction, rehabilitation and redevelopment of commercial buildings. The company says that traditional forms of financing aren’t always available for energy-efficient projects. PACE works with local governments and covers 100 percent of transaction costs. The approach provides capital with no up-front investment.
The company is expanding its financing and expertise in California, Texas, Michigan, Ohio, Florida, Missouri and Wisconsin.
Late last month, the Federal Housing Administration (FHA) settled a conflict that had impacted PACE loans, according to National Mortgage News. FHA mortgage lenders and PACE lenders both had used borrowers’ homes as collateral. The issue was which entity was repaid first if the loan went bad. The FHA ruled that the PACE loans are subordinate to the first lien holder.
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