GROWS COMMERCIAL REAL ESTATE FINANCING PLATFORM WITH HIRING OF REGIONAL DIRECTOR
Chicago, Illinois, (October 5, 2020) – Greenworks Lending, the nation’s leading Commercial Property Assessed Clean Energy (C-PACE) capital provider, has announced its expansion throughout the Midwest. To lead its efforts, the firm has named Julie Sommese as Director for the upper Midwest states of Illinois, Wisconsin, and Minnesota. Greenworks, which is headquartered in Darien, Connecticut, provides C-PACE financing for commercial, industrial, and multifamily properties throughout the U.S.
“C-PACE provides low-cost, long-term financing for energy efficiency projects. Our growth has accelerated to serve the needs of clients struggling with the current Covid-19 crisis, and we’re excited to provide a much-needed source of liquidity for property owners across the Midwest.” says Andrew Zech, Head of Business Development for Greenworks Lending “In addition to facilitating sustainability efforts, the program can recapitalize recently-completed projects, reduce property owners’ annual costs, and provide significantly better-than-market financing for green new construction – it’s truly a win-win for all.”
Julie comes to Greenworks Lending with over 25 years of CRE experience as a former commercial banker, most recently serving as the Chief Lending Officer for a community bank in the Chicagoland area. Julie has worked with all facets of commercial real estate including multi-family, multi-use, medical, hospitality, retail, student housing and industrial.
“I am thrilled to be joining Greenworks Lending to expand its footprint in the Midwest. C-PACE financing helps owners and developers realize significant savings on new construction, energy efficient, and solar projects while funding 100% of the hard and soft costs of commercial building upgrades and construction elements that improve energy efficiency,” explains Sommese. “It’s really exciting to be a part of something that is helping local communities, business owners’ bottom line, and the environment.”
“With C-PACE, repayment is made through the property tax bill over the useful life of the upgrades, which is typically 20-30 years,” Sommese adds. “Cash flow is often positive from day one, as energy savings typically cover the cost of repayment. In addition, the assessment transfers on the sale of the property and can be passed through to tenants where appropriate.”
C-PACE can also fill equity gaps in development capital stacks, and reduces the weighted average cost of capital, as C-PACE financing is 50 percent less expensive than mezzanine debt and preferred equity, according to Sommese.
Greenworks Lending is currently operating in 25 states and the District of Columbia. The firm expects the upper Midwest to be one of its most productive markets.