Bayview Asset Management Launches New Commercial PACE Business Line
NEW YORK–(BUSINESS WIRE) – Bayview Asset Management, a leading investment management firm focused on investing in mortgage and consumer credit with approximately $ 15 billion in assets under management, today announced the launch of Bayview PACE (“Bayview PACE”) (a division of Silver Hill Funding, LLC) and expands Bayview’s role in the commercial real estate, clean energy and energy efficiency credit markets. With strong support and longstanding relationships with leading lenders across the country, Bayview PACE solutions provide the level of confidence and execution security that Bayview consistently delivers to borrowers.
“The introduction of Bayview PACE signals a turning point for the Commercial Property Accessed Clean Energy (“ C-PACE ”) industry. The Bayview brand and longstanding relationships with commercial real estate and the capital markets bring a level of credibility that confirms the importance of this value-adding capital solution to the industry, ”said Anne Hill, SVP, Bayview. “Bayview has the resources, capital and expertise to independently finance the largest and most complex transactions – from creation to execution. I believe we have what it takes to effectively meet this growing need and become leaders in this area. ”
C-PACE is a financing solution that frees capital for property owners to carry out energy efficient and renewable building renovations, finance new construction and provide rescue capital for recovery from the pandemic. With program legislation currently enabled in 37 states, C-PACE is rapidly becoming increasingly popular with property owners and financial institutions looking to help them.
Bayview’s new business will be led by a dedicated team of professionals with extensive experience in the C-PACE market. Anne Hill has over six years of C-PACE experience and has completed more than $ 300 million in C-PACE transactions. She will be led by Woolsey McKernon, a noted industry veteran who most recently served as SVP and Chief Revenue Officer of CleanFund Commercial PACE Capital, the pioneering company in the industry, and Fred Lee, who served as Co-CEO of New York City Energy Efficiency Corporation (” NYCEEC ”) developed and launched the C-PACE program from New York City.
“We didn’t just start with a business idea, we started with a team,” said Woolsey McKernon, senior vice president, Bayview PACE. “The result is a group that really understands the benefits of C-PACE and has the expertise of a proven commercial real estate lender needed to develop solutions that will help our clients take advantage of these benefits. Our comprehensive end-to-end products leverage our team’s expertise and the strength of Bayview to deliver a market leading product and enable property owners to dramatically improve their assets, realize their vision for their assets, carbon Reduce footprint and increasingly meet important environmental and sustainability goals. ”
Prior to the launch announcement, the Bayview PACE team has completed several significant financings totaling more than $ 90 million, including a $ 42.5 million hotel refinancing transaction in California that will stabilize the property while industry is recovering from COVID-19 lockdowns. In the first four months of Bayview PACE’s operations, total financing represents more than 15% of total industry volume in 2020, as reported by industry association PACENation, including the completion of one of the largest deals in California history.
Fred Lee believes the Bayview PACE closings are instructive before it is released. “Bayview’s existing relationships with market participants – lenders, brokers and property owners – are a clear competitive advantage,” he said. “We already have the infrastructure and operations necessary to execute C-PACE transactions quickly and efficiently. Knowing the New York City (“NYC”) program and market as well as I do, I couldn’t be more excited about meeting the needs of NYC property owners and helping the city meet its ambitious carbon reduction goals to reach.”
For more information about Bayview PACE, including program eligibility and benefits, please visit https://bayviewpace.com/ or call 1-800-981-2435.
About Bayview PACE
Bayview PACE is committed to making innovative C-PACE finance accessible and profitable for commercial property owners and borrowers. With fixed-income, non-recourse financing and competitive rate and term options, Bayview PACE helps finance environmentally friendly building renovations in all participating countries. Bayview PACE is a division of Silver Hill Funding, LLC and a subsidiary of Bayview Asset Management (“BAM”), an investment management company focused on investing in mortgage and consumer credit, including total loans, asset-backed securities, mortgage servicing rights, and other credit-related assets with ~ 15 billion USD AUM. Please visit www.bayviewpace.com.
Silver Hill Funding, LLC, its successor and / or assignee, under the applicable terms of contractual agreements, is the proposed lender. Bayview PACE is a division of Silver Hill Funding, LLC.
DISCLAIMER: The information provided herein is for informational purposes only. Programs can be canceled or changed at any time without notice. Programs may not be available in all jurisdictions. These materials are intended to provide general information to the reader and each commercial loan is individually checked and signed. Bayview PACE, a division of Silver Hill Funding, LLC (NMLS # 1564077) is a subsidiary of Bayview Asset Management, LLC. None of the aforementioned subsidiaries and affiliated companies provide any legal, accounting, tax advice or other professional services. We take reasonable care in providing information, but cannot guarantee its accuracy or completeness. The information is provided without warranty, express or implied, and all such warranties are expressly rejected. We will not be liable for any loss, damage or expense arising from any errors or omissions in these materials, whether in contract, tort or otherwise.
Bayview PACE is a division of Silver Hill Funding, LLC. NMLS ID 1564077.
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