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Twain Financial Partners Closes Rated Securitization of Commercial PACE (C-PACE) Assets

ST. LOUIS, Aug. 3, 2018 /PRNewswire/ -- Twain Financial Partners, an investment management firm and active C-PACE lender, announced it has closed on a rated securitization of C-PACE assets. The securitization, arranged by Guggenheim Securities with Nuveen Private Markets (an affiliate of TIAA) as the lead investor, is only the second of its kind and will net proceeds of up to $165 million.

C-PACE financing allows for commercial property owners to obtain long-term, fixed-rate financing for energy efficient components of new construction, historic rehabilitation, and energy retrofit projects. The financing is repaid as a special assessment levied against the property and collected in the same manner as property taxes. Twain Financial has originated and funded C-PACE transactions in seven states across numerous industries and asset classes.

"We are excited to partner with Twain on this transaction and expand our investment in the C-PACE market," said Chris Miller, Director, Private Investments at Nuveen.

"This transaction represents a huge accomplishment for Twain and the commercial PACE industry as a whole," said Andy Meyer, Twain's Director of PACE Financing. "We believe this transaction showcases the strength of Twain's underwriting criteria and our reputation in the C-PACE market as an innovative capital provider dedicated to spurring economic development."  

As a low-cost, long-term source of capital for new construction and adaptive re-use projects that can be passed through to tenants or end users in certain cases, the C-PACE market has experienced significant growth in the last several years.

About Twain Financial Partners:

Twain Financial Partners is an investment management firm located in St. Louis, MO with more than $4 billion in assets under management within the public-private partnership sector. Twain specializes in C-PACE financing, state and federal historic tax credit investments, and state low-income housing tax credit investments.

 

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