Bayview Asset Management launches new line of business PACE
Significant hires and over $ 90 million in initial closings make Bayview PACE a market accelerator
NEW YORK, July 19, 2021– (COMMERCIAL THREAD) – Bayview Asset Management, a leading investment management firm focused on investing in mortgages and consumer credit with approximately $ 15 billion in assets under management, today announced the launch of the Bayview PACE line of business (“Bayview PACE”) (a division of Silver Hill Funding, LLC), expanding Bayview’s role in the commercial real estate, clean energy and energy efficiency market. With strong support and long-standing relationships with leading lenders across the country, Bayview PACE’s solutions come with a level of confidence and execution certainty that Bayview consistently delivers to borrowers.
“The launch of Bayview PACE marks an inflection point for the Clean Energy Accessible to Commercial Properties (“ C-PACE ”) sector. The Bayview brand and its long-standing relationships in commercial real estate and capital markets provide a level of credibility that validates the importance of this accretive capital solution to the industry, ”said Anne Hill, vice president Bayview main. “Bayview has the resources, capital and expertise to independently fund the largest and most complex transactions, from origination to execution. I think we have what it takes to effectively respond to this growing need and become a leader in this field.
C-PACE is a financing solution that unlocks capital for property owners, to perform energy-efficient and renewable building upgrades, finance new construction and provide life-saving capital to recover from the pandemic. With program legislation currently activated in 37 states, C-PACE is rapidly gaining popularity among real estate owners and financial institutions looking to serve them.
The new Bayview 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 experience with C-PACE and has completed over $ 300 million in C-PACE transactions. She is joined by Woolsey McKernon, an industry veteran who most recently served as Senior Vice President and Chief Revenue Officer of CleanFund Commercial PACE Capital, the industry pioneer, and Fred Lee, who as co-CEO of New York City Energy Efficiency Corporation (“NYCEEC”) developed and launched the New York City C-PACE program.
“We didn’t start with a simple idea to pursue a business, we started with a team,” said Woolsey McKernon, senior vice president, Bayview PACE. “The result is a group that truly understands the benefits of C-PACE and has the expertise of a proven commercial real estate lender to create solutions to help our clients fully realize those benefits. Our complete, end-to-end products bout leverage our team’s expertise and the strength of Bayview to deliver a market-leading product and empower owners to dramatically improve their asset value, realize their vision for their assets, reduce their carbon footprint and achieve increasingly important environmental and sustainability goals. ”
Prior to the launch announcement, the Bayview PACE team has already completed several large financings totaling over $ 90 million, including a $ 42.5 million hotel refinancing transaction in California that will allow the property to stabilize. , as the industry recovers from lockdowns linked to COVID-19. . In Bayview PACE’s first four months of operation, total fundings represent over 15% of the 2020 industry-wide volume as reported by the industry association, PACENation, including the close of the one of the largest transactions in California history.
Fred Lee thinks Bayview PACE’s pre-launch closures are telling. “Bayview’s existing relationships with market players – lenders, brokers and real estate owners – are a distinct competitive advantage,” he said. “We already have the infrastructure and operations 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 enthusiastic about meeting the needs. of real estate owners in New York and help the city meet its ambitious carbon reduction targets. “
For more information about Bayview PACE, including eligibility and program benefits, visit https://bayviewpace.com/ or call 1-800-981-2435.
About Bayview PACE
Bayview PACE’s mission is to make innovative C-PACE financing accessible and profitable for owners and borrowers of commercial buildings. With fixed rate, non-recourse financing and competitive rate and term options available, Bayview PACE helps fund green building upgrades in all participating states. Bayview PACE is a division of Silver Hill Funding, LLC and a subsidiary of Bayview Asset Management (“BAM”), an investment management company focused on investments in mortgage and consumer credit, including whole loans , asset-backed securities, mortgage management rights, and other credit-related assets with approximately $ 15 billion in assets under management. Please visit www.bayviewpace.com.
Silver Hill Funding, LLC, its successor and / or assigns, in accordance with or entered into under the applicable provisions of the contractual agreements, is the proposed lender. Bayview PACE is a division of Silver Hill Funding, LLC.
DISCLAIMER: The information provided here is provided for informational purposes only. Programs can be canceled or changed at any time without notice. Programs may not be available in all jurisdictions. These documents are intended to provide general information to the reader and each business loan is reviewed and underwritten on an individual basis. Bayview PACE, a division of Silver Hill Funding, LLC (NMLS # 1564077) is a subsidiary of Bayview Asset Management, LLC. All of the aforementioned subsidiaries and affiliates are not engaged in the provision of legal, accounting, tax or other professional services. We use reasonable care in providing information, but cannot guarantee its accuracy or completeness. The information is provided without any express or implied warranty, and all such warranties are expressly rejected. We assume no responsibility for any loss, damage or expense resulting from errors or omissions in these documents, whether arising under contract, tort or otherwise.
Bayview PACE is a division of Silver Hill Funding, LLC. NMLS ID 1564077.
© Copyright 2021 Silver Hill Funding, LLC
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