PACE stands for Property Assessed Clean Energy, a new way for commercial and residential property owners to finance energy efficiency measures for their properties. Whether it is energy efficiency upgrades, renewable energy projects, water conservation, or hurricane mitigation, PACE offers 100% funding through local and state governments, and is repaid through an assessment on the property only for a term up to 20 years. The benefits of PACE can include no up-front cash investment, long-term financing, and no payoff upon sale since PACE assessments remain with the property for the next owner. Most importantly, the program promotes sustainability efforts in the real estate industry.
Inland Green Capital is a member of The Inland Real Estate Group of Companies, Inc. (Inland) which began over 40 years ago in Chicago and is one of the nation’s largest commercial real estate and finance groups. It is comprised of a group of separate legal real estate investment and financial companies with managed assets with a book value in excess of $16.4 billion, doing business nationwide with a presence in 49 states. Inland companies cumulatively employs over 1,400 people. In its history, Inland has raised more than $19.8 billion in capital from more than 478,000 investors. Inland is headquartered in Oak Brook, IL and has the distinction of being the 2009 and 2014 Better Business Bureau Torch Award Winner for Ethics in the Marketplace.
Inland Green Capital is currently an investor in PACE bonds through various subsidiaries. To date, we have purchased PACE bonds from program administrators in California and are listed as an approved capital provider with several other PACE programs. We do not have a limit of allocated capital for PACE and are focused on the continuing success of PACE throughout the country. We are actively looking to deploy capital for PACE and other environmental initiatives.
Inland Green Capital views this investment not only from a business perspective, but also as an opportunity to demonstrate leadership in the real estate community regarding energy efficiency and sustainability initiatives. Adding energy saving improvements will help save on utility costs, improve property values, and benefit the environment. Whether it is helping administrators starting or expanding PACE programs or purchasing private placement PACE transactions, Inland Green Capital is committed to supporting energy efficiency measures throughout the real estate industry.
Mr. Rendak is a serious advocate for sustainable real estate and strongly supports financing solutions that will help residential and commercial property owners go green. Both as a banker and as a private lender, Mr. Rendak has been in the real estate finance business for over 20 years and currently oversees Inland’s bridge lending program, as well as the green capital initiative.
As Senior Vice President, Mr. Pikus analyzes various investment and lending opportunities for commercial and residential PACE ventures. He has 20 years of experience in commercial real estate finance. Mr. Pikus has previously held positions at U.S. Bank, Credit Suisse, and Inland bank and Trust. He is a graduate of University of Wisconsin-Madison.
PACE Financing Fosters Redevelopment