Inland Green Capital LLC, an environmental finance and investment company, announced a new collaboration with Inland Mortgage Capital LLC, a private lender specializing in intermediate-term mortgages for value-add commercial real estate and selective new construction.
Both companies are members of The Inland Real Estate Group of Companies Inc. and Inland says the relationship between the two companies streamlines and expands funding for commercial owners seeking Property Assessed Clean Energy (“PACE”) financing, a clean energy project that works to enhance sustainability of properties, in addition to bridge financing.
For more than a decade, Inland Green Capital has worked with commercial real estate owners, developers, contractors and local governments to “achieve enduring clean energy benefits through PACE funding.” According to Inland, eligible improvements including renewable energy, energy efficiency, water conservation, electrical vehicle charging and resiliency, enhancing sustainability for properties while lowering both operating expenses and the cost of capital.
“One of the most challenging hurdles we often see with commercial property owners seeking PACE funding is finding the right mortgage lender that understands the PACE financing process,” commented Mark Pikus, president of Inland Green Capital. “Coming together with IMC not only helps streamline the process, it provides a flexible structure and a number of benefits including a one-stop shop for a property owner’s financing needs and collaboration with related companies that will simplify the closing process.”
IMC is a private lender that provides non-recourse financing for commercial real estate nationwide, concentrating on projects with loan sizes from $3 to $15 million. Inland says IMC’s program is freely prepayable at any time and does not charge interest on future loan advances until they are disbursed.
“We are excited to collaborate with Inland Green Capital on a potential hybrid arrangement of first mortgage financing and PACE financing for the borrower’s capital stack,” said Art Rendak, president of IMC. “Our IMC team is very knowledgeable about the PACE financing process, and we believe this financing combination could be especially valuable to our mutual customers amid the volatile credit environment in the U.S. right now.”
Headquartered in Oak Brook, Illinois, Inland is one of the nation’s largest commercial real estate and finance groups.
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