04.10.2018 22:56:00
|
Hannon Armstrong Sustainable Real Estate Announces the Closing of a $10.5 million Commercial Property Assessed Clean Energy (C-PACE) Financing for a Historic Landmark Property in Downtown Sacramento
ANNAPOLIS, Md. and OLD GREENWICH, Conn., Oct. 4, 2018 /PRNewswire/ -- Hannon Armstrong Sustainable Real Estate (HASRE) – a previously announced strategic alliance of Hannon Armstrong Sustainable Infrastructure Capital, Inc. ("Hannon Armstrong,") (NYSE: HASI) and Counterpointe Sustainable Real Estate, LLC (CSRE) – announced today that it has closed a $10.5 million, 25 year, Commercial Property Assessed Clean Energy (C-PACE) financing for energy efficiency measures and seismic strengthening of a new Hyatt Centric Hotel in downtown Sacramento, California.
The Hyatt Centric Hotel, which will be constructed at 1128 7th Street – the site of the landmark Hotel Clayton (built in 1911) – will be a 172 room, 11 story, 'upscale' property, adjacent to the Golden 1 Center, the home of the NBA's Sacramento Kings. The new construction will preserve and integrate the original façade of the 1911 building.
"We are very excited to play a role in financing this highly resilient and sustainable Hyatt-brand hotel," said Eric Alini, managing partner at HASRE. "As more travelers expect environmentally responsible lodging, hotel properties are an ideal use of PACE financing. Property owners can use PACE to increase guest comfort and satisfaction and preserve capital and equity at the same time," Alini continued.
By utilizing PACE instead of a larger first mortgage, Hyatt Centric was also able to save an additional $1.5 million in interest payments over three years.
CBRE Senior Vice President Marc Sallette, added, "PACE filled a very important gap in the capital stack to complete this loan and get construction of the Hyatt Centric underway. We have found it to be a great tool for hotels to take advantage of. When property owners can invest in energy efficient buildings and upgrades, it's a win-win for everybody."
"We were thrilled to work with the HASRE team to help include their PACE financing on this trophy project in downtown Sacramento," said Malcolm Davies, the Principal/Managing director of George Smith Partners. "They worked tirelessly to help educate the borrower, the corresponding lenders and the City of Sacramento on this important piece of the capital stack."
PACE programs make energy conservation and efficiency, renewable energy and seismic and water conservation improvements affordable for property owners by providing fixed-rate financing for 100% of the project and closing costs, repaid through an assessment on property tax bills.
Participation is entirely voluntary for both municipalities and property owners. A growing number of cities and counties are partnering with multiple PACE providers to increase financing choices available to consumers. Counterpointe Energy Solutions is a leading PACE Program Administrator responsible for commercial PACE programs in several states, including California.
About Hannon Armstrong Sustainable Real Estate
Hannon Armstrong Sustainable Real Estate (HASRE) is the strategic alliance formed by Hannon Armstrong and CSRE to finance energy efficiency retrofits and clean energy projects. The focus is on major developers, owners, and property managers of office buildings, hotels, multi-family housing, and other commercial real estate assets. HASRE is a single source with the expertise, resources and financial strength to get a project done, increase its bottom line and help create a more sustainable, resilient world. CSRE provides turnkey solutions for PACE programs to municipalities, program managers, and administrators through a cutting-edge web-based platform for originating, underwriting, funding, and servicing PACE assessments and bonds.
About Hannon Armstrong
Hannon Armstrong (NYSE: HASI) is a capital and services provider to the sustainable infrastructure markets focused on reducing climate changing greenhouse gas emissions ("GHG" emissions) as well as mitigating the impact of, or increasing resiliency to climate change. With scientific consensus that climate warming trends are linked to human activities we believe our firm is well positioned to generate better risk-adjusted returns by investing in the assets that reduce carbon emissions. We are based in Annapolis, MD.
Forward Looking Statements
Some of the information in this press release contains forward-looking statements and within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. When used in this press release, words such as "believe," "expect," "anticipate," "estimate," "plan," "continue," "intend," "should," "may," "target," or similar expressions, are intended to identify such forward-looking statements. Forward-looking statements are subject to significant risks and uncertainties. Investors are cautioned against placing undue reliance on such statements. Actual results may differ materially from those set forth in the forward-looking statements. Factors that could cause actual results to differ materially from those described in the forward-looking statements include those discussed under the caption "Risk Factors" included in our Annual Report on Form 10-K for our fiscal year ended December 31, 2017, which was filed with the U.S. Securities and Exchange Commission ("SEC"), as well as in other reports that we file with the SEC.
Forward-looking statements are based on beliefs, assumptions and expectations as of the date of this press release. We disclaim any obligation to publicly release the results of any revisions to these forward-looking statements reflecting new estimates, events or circumstances after the date of this press release.
Contact: Investor/Media Relations
Phone: 410-571-6189
Email: investors@hannonarmstrong.com
View original content to download multimedia:http://www.prnewswire.com/news-releases/hannon-armstrong-sustainable-real-estate-announces-the-closing-of-a-10-5-million-commercial-property-assessed-clean-energy-c-pace-financing-for-a-historic-landmark-property-in-downtown-sacramento-300724924.html
SOURCE Hannon Armstrong Sustainable Real Estate
Wenn Sie mehr über das Thema Aktien erfahren wollen, finden Sie in unserem Ratgeber viele interessante Artikel dazu!
Jetzt informieren!