SAN FRANCISCO, CA - CleanFund, the leading nationwide commercial property-assessed clean energy (“C-PACE”) origination platform, has been awarded GlobalCapital’s 2019 Esoteric ABS Securitization Award. Presented at GlobalCapital’s annual gala event in New York May 8, the award was for the best alternative (a.k.a., “esoteric”) asset-backed securitization transaction closed in 2018, based on over 1,000 votes cast across the securitization industry.
CleanFund’s ground breaking CLEAN 2018-1 securitization, the first 144A securitization of C-PACE assets, was widely recognized on a number of fronts, including the AAA rating it achieved for Class A notes, which were backed by a pool of $115 million assets involving 82 individual parcel tax assessments from coast to coast. CleanFund’s securitization team involved other industry award winners including Credit Suisse, for their role as sole underwriter and structuring agent.
“We are very pleased to receive this award, especially in the face of stiff competition across a big year for asset-backed securitizations,” said Greg Saunders, CleanFund’s Chief Financial Officer. CleanFund originated the portfolio of C-PACE assets through its nationwide network of channel partners as well as direct relationships with commercial property owners. The pool contained a diverse group of assets across six different states, and was comprised of multiple property categories, including office, retail, industrial, hotels and alternative property types. “The CleanFund team did an impressive job, and demonstrated true teamwork in pulling off this monumental transaction. We couldn’t have accomplished this without the assistance of our transaction partners, including Credit Suisse,” Saunders added.
The Butler Brothers Building in Dallas, a repositioning of an industrial property into apartments and mixed-use, was one of the 82 properties in the securitization.
“Being named a GlobalCapital deal of the year is also recognition of C-PACE’s increased popularity among property owners as a standardized real estate finance tool, endorsed by Wall Street and institutional investors. CleanFund’s innovative transaction will help pave the road for future 144A C-PACE securitizations, enabling investors to support reductions in the carbon footprint of commercial properties nationwide while enjoying the long-duration and credit quality inherent in C-PACE assets.”
About CleanFund: Sausalito, CA-based CleanFund is the leading provider of long-term financing for energy efficiency, water conservation, renewable energy and seismic improvements to commercial, multifamily and other nonresidential properties in the U.S. CleanFund has significant expertise in commercial real estate, finance, renewable energy and PACE policy. Its financing programs include PACECapital™ and SolarPACE™, which enable property owners to upgrade their properties with no up-front cost while increasing property cash flows and value. Visit us at www.CleanFund.com