ATLANTA--(BUSINESS WIRE)--Jan 6, 2021--
Officials of Stonehill today announced the company’s PACE Division closed on nine Commercial Property Assessed Clean Energy (CPACE) loans totaling $100 million during the fourth quarter of 2020. The company also announced it is on track to close an additional $80 million in CPACE financing over the coming 90 days.
“As the hospitality industry continues to be battered by the economic fallout from the on-going COVID-19 pandemic, hotel owners continue to need liquidity urgently to prevent losing their assets,” said Brent LeBlanc, executive vice president, Stonehill. “Since the early stages of the pandemic back in April, Stonehill has provided CPACE financing to a variety of hoteliers whose projects otherwise would have been either stalled or cancelled. With far lower interest rates than traditional loans, we believe this type of financing will prove invaluable as hoteliers battle through what hopefully are the closing stages of the coronavirus. Stonehill prides itself on working with owners to find financial solutions that work for all parties involved.”
Examples of recent, successful Stonehill PACE loan recipients include:
“CPACE funding has proven to be an invaluable lifeline for struggling hoteliers,” said Jared Schlosser, vice president, Stonehill. “Stonehill PACE’s team members have completed more than 40 deals totaling $225 million collectively. This experience allows us to work quickly and strategically with owners to procure funds that have become more necessary now than ever as the hospitality industry continues to work through the pandemic.”
Stonehill PACE, a division of , is a direct lender for Property Assessed Clean Energy (PACE) financing. The group specializes in providing PACE funding for all commercial asset classes. Its depth of experience in sourcing, underwriting and closing real estate transactions is unparalleled in the PACE industry. The team at Stonehill PACE has earned a reputation for providing a professionally managed, efficient execution.
Stonehill is primarily focused on funding permanent loans, bridge loans, mezzanine loans and preferred equity investments backed by limited-, select- and compact full-service hotel assets. Stonehill provides creative finance solutions for hospitality projects seeking capital to complete acquisitions, recapitalizations, refinancing, and renovations. For additional information, please visit .
Stonehill provides first mortgage, mezzanine and preferred equity financing on hotel assets across the U.S. To discuss potential financing opportunities, please contact Brent LeBlanc at 713-666-2544 or .
View source version on businesswire.com:
CONTACT: Chris Daly, media
[email protected] LeBlanc, corporate
KEYWORD: UNITED STATES NORTH AMERICA GEORGIA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES OTHER CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE LODGING CONSTRUCTION & PROPERTY TRAVEL BANKING
SOURCE: Stonehill PACE
Copyright Business Wire 2021.
PUB: 01/06/2021 08:55 AM/DISC: 01/06/2021 08:55 AM