PACE Loan Group Recognized as one of 2023’s Fast 50 companies in the Twin Cities
Results from three years of double-digit growth in specialty CRE financing
Minneapolis, Minnesota (Aug. 31, 2023) – PACE Loan Group was recognized today as one of the Fast 50 growth companies in the Twin Cities by the Minneapolis-St. Paul Business Journal. This recognition comes from three years of an average of 89% growth per year through the company’s focus on providing Commercial Property Accessed Clean Energy (C-PACE) financing to commercial real estate property owners.
PACE Loan Group was started in 2017 by Rafi Golberstein, chief executive officer, with one employee. Today, the firm has 15 employees offering loan servicing, underwriting, and originations for C-PACE financing, which is a tax assessment on the property that provides a way for property owners to reduce the cost of capital through lower interest rates that are payable through the municipality.
“We started PLG when no one had even heard of C-PACE financing and it was only available in a handful of states, including Minnesota. Today, C-PACE is a widely used financing vehicle with more than 30 states offering some type of C-PACE program to commercial property owners. Because these programs finance improvements to energy and water usage, property owners are also able to lower their monthly expenses. C-PACE is a win-win for energy efficiency and property owners. We’re excited to be a leading provider in this burgeoning space,” said Golberstein.
In the Twin Cities, PLG provided $20 million in financing for the Four Seasons at RBC Gateway, the newest mixed-use tower in downtown Minneapolis. The Four Seasons occupies eight floors of a 37-story landmark development project, and includes a street-level lobby, restaurant, parking, wellness amenities, and 222 hotel rooms, totaling 258,000 SF. Other local projects that have been financed with C-PACE from PLG include Treasure Island, the adaptive reuse of the former Dayton’s department store in downtown St. Paul that created TRIA Rink, a fully enclosed rooftop ice arena used as an NHL practice facility for the Minnesota Wild, and a renovation of International Market Square in downtown Minneapolis.
To support its continued growth, PLG is hiring in multiple positions to support underwriting, originations, and loan servicing. Interested candidates can email hiring@paceloangroup.com.
Media Contact:
Martha Nevanen
651-492-5861
About PACE Loan Group
PACE Loan Group (PLG) is a national leader in the C-PACE marketplace, providing direct C-PACE financing to commercial property owners. The PLG team provides expertise up and down the capital stack. To learn more about PLG, visit our website at www.paceloangroup.com.