ST. LOUIS, April 12, 2019 /PRNewswire/ -- Twain Financial Partners, an investment management firm and active C-PACE lender, announced today it has closed its second rated securitization of C-PACE assets. This transaction, arranged by Guggenheim Securities, represents Twain's second C-PACE securitization within the last twelve months and will net proceeds of up to $200 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 retrofit projects. The financing, which is repaid as a special assessment levied against the property and collected in the same manner as property taxes, is often used to replace more expensive mezzanine debt or preferred equity in real estate development projects. Twain Financial has funded C-PACE transactions in approximately ten states across numerous industries and asset classes.
"We have experienced significant interest in C-PACE by property owners and capital markets alike, which has culminated in our second issuance in only twelve months," said Andy Meyer, Twain's Director of PACE Financing. "Twain's ability to underwrite a diverse portfolio of investment grade assets furthers our growing reputation as a dynamic capital provider committed to delivering efficient capital to real estate development projects."
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 seen tremendous growth in the last several years.
About Twain Financial Partners:
Twain Financial Partners is an investment management firm located in St. Louis, Missouri 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.