Ohio Market Representing Full Breadth of C-PACE Impact

by | May 7, 2018 | Market Growth

Greenworks Lending C-PACE in Ohio representing full program breadth of project type

For Greenworks Lending, Ohio has emerged as a full-scale representation of the firm’s growth model. Greenworks Lending closed its first deal in Ohio at the end of 2016 and has seen steady market growth over the past year, the growth of the market is demonstrated by the diversity of project type and location.

 

Greenworks Lending C-PACE in OHIO by the numbers:
  • First project financed: October 2016
  • Number of projects financed: 14
  • Average deal size: $945K
  • Total amount financed: $13.2M
  • Five primary building types: office, recreation and sports, residential care, industrial, and restaurant/bar
  • Measures including solar, green roof, heating, air conditioning, building controls, boilers
  • Four core metropolitan areas: Cincinnati, Cleveland, Columbus and Dayton

“Our team committed early on to building the relationships necessary to introduce Commercial PACE and Greenworks Lending to stakeholders throughout Ohio,” stated Jessica Bailey, co-founder and CEO of Greenworks Lending. “I’m happy to see that we are financing a diversity of buildings and projects and that we have an increasing number of portfolio owners who are coming back to Greenworks for the second and third projects. Property owners in Ohio are learning that C-PACE is a powerful tool and can have a meaningful impact on their bottom line,” she continued.

In northeast Cincinnati, driving a 12 mile stretch of Interstate 71 brings travellers past eight Greenworks projects ranging from Class A office buildings to recreational centers to residential care facilities.

Billy Patterson joined the Greenworks Lending team in February to increase its footprint in the state. “Having someone on the ground in Columbus equips us to help continue to grow the Ohio C-PACE market,” noted Bailey.

Patterson joined in February from Fifth Third Securities Public Finance Group where he served most recently as Principal.

“It’s wonderful to be able to offer a financial product with a wide range of utility despite it being a niche product,” says Patterson. “C-PACE is a smart implementation of public policy. The state got it right when they passed policy giving building owners this option. Greenworks got it right when it selected Ohio as a core market and now I’m able to step in and help building owners and developers with everything from retrofits and solar installations to redevelopment and new construction projects. I’m looking forward to continued growth,” concludes Patterson.

Featured Image: “Cincinnati Skyline” By Paul Armstrong from Cincinnati, USA (Flickr)
 [CC BY 2.0 (https://creativecommons.org/licenses/by/2.0)], via Wikimedia Commons