PACE Funding Group Closes Warehouse Credit Facility with SunTrust Bank
LOS GATOS, Calif., Aug. 15, 2018 /PRNewswire/ — PACE Funding Group, LLC, a leading residential Property Assessed Clean Energy financing provider, announced that it closed a $55 million warehouse credit facility with SunTrust Bank. Rosemawr Management LLC is also participating in the facility. The facility will finance PACE Funding’s California and Florida originations and includes the option to increase to $100 million to further support PACE Funding’s growing business.
“This partnership with SunTrust and Rosemawr provides dependable and efficient capital to increase PACE Funding’s ability to deliver the highest quality PACE financing to homeowners in California and Florida,” said James Vergara, Head of Capital Markets at PACE Funding Group.
PACE Funding Group serves as a program administrator for the California Statewide Communities Development Authority and Western Riverside Council of Governments in California and The Florida Development Finance Corporation in Florida. The company completed its inaugural securitization of residential PACE assets in March 2018.
About PACE Funding Group:
PACE Funding Group, LLC is a leading residential renewable energy and energy efficiency financing provider. PACEfunding provides Property Assessed Clean Energy (PACE) financing to homeowners to invest in their homes and a healthier environment with a focus on consumer protection and conservatism. PACE has proven to be a successful tool for supporting public policy initiatives across the country, without the use of tax payer funds. While PACE programs are enabled by state legislation and must be approved by local governments, PACE Funding is not a government program. Find out more at PACEfunding.com.
About SunTrust Banks, Inc.:
SunTrust Banks, Inc. (NYSE : STI ) is a purpose-driven company dedicated to Lighting the Way to Financial Well-Being for the people, businesses, and communities it serves. SunTrust leads onUp, a national movement inspiring Americans to build financial confidence. Headquartered in Atlanta, the Company has two business segments: Consumer and Wholesale. Its flagship subsidiary, SunTrust Bank, operates an extensive branch and ATM network throughout the high-growth Southeast and Mid-Atlantic states, along with 24-hour digital access. Certain business lines serve consumer, commercial, corporate, and institutional clients nationally. As of June 30, 2018, SunTrust had total assets of $208 billion and total deposits of $161 billion. The Company provides deposit, credit, trust, investment, mortgage, asset management, securities brokerage, and capital market services. Learn more at suntrust.com.
Contact: James Vergara, (917) 250-0758