Hospitality lender Stonehill has made new leadership appointments supporting its growing Stonehill PACE lending platform. The commercial property assessed clean energy (PACE) focused unit has extended its leadership role by financing commercial loans to companies involved in renewable energy, energy-efficient components and seismic retrofitting.
Over the past year, Stonehill PACE has completed more than $171 million in commercial PACE loans for clean energy measures and seismic retrofitting, primarily in California, Colorado, Florida, Kentucky, Missouri, Nevada and Texas. With approximately $75 million of the $171 million funding seismic improvements, Stonehill PACE has become the largest seismic-improvement lender in the country, helping owners protect their buildings and occupants against natural disasters.
To support this growing industry and Stonehill PACE’s leadership position, the company promoted Jared Schlosser to SVP and head of Stonehill PACE, Lisa Nordel to VP, operations and Allison Neary to senior analyst. Also, Stonehill PACE recently hired Gabrielle Arieno and Robert Loeb as business development associates and Jadah Quick as a senior asset management analyst.
“These associates are an integral part of the company’s overall success; their appointments reflect our acknowledgment of their ability and contributions to Stonehill PACE,” said Mat Crosswy, president/principal, Stonehill. “Jared has exceeded our every expectation, and we are extremely confident he’ll continue to excel and lead his high-performing team.”
The U.S. PACE Program, launched in 2010, completed approximately $530 million of commercial PACE financing in 2020. It is overseen by the U.S. Department of Energy,
“Given the trend toward broader environmental, social and corporate governance concerns, more building owners and senior lenders are taking advantage of PACE financing and overcoming the challenges that have hindered the adoption of energy efficiency and related projects in their buildings,” Schlosser said.
Nearly half the energy consumed and three-quarters of the electricity generated in the U.S. heats, cools, lights and otherwise operates buildings. Most of this energy is created by burning fossil fuels. If 15% of eligible buildings across the country utilized the commercial PACE program, it would abate 352 million metric tons of carbon, save 991 billion kilowatt-hours (KW h) and add 3.2 million jobs annually, according to PACENation, the industry’s nonprofit association.