Greenworks closes first ever commercial PACE deal

By Sasha Padbidri
26 Sep 2017

Commercial Property Assessed Clean Energy (PACE) lender Greenworks Lending closed the first ever securitization backed by mid-sized commercial PACE assets on September 25 and plans to become a frequent issuer in the ABS market.

The $75m single-tranche deal, rated double-A by Morningstar Credit Ratings, was arranged by Guggenheim, with TIAA Investments as the sole buyer. Greenworks could not disclose pricing information at press time.

The assets in the portfolio included property types such as office space, industrial and hospitality, with seven states ...

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