A Miami-based investment firm is hoping to hit a home run on a clean energy real estate financing company.
A-Rod Corp., whose CEO is former New York Yankee Alex Rodriguez, led a $10 million equity round for Austin, Texas-based Petros PACE Finance.
Petros provides long-term financing to U.S. commercial property owners seeking to increase their property values and reduce their carbon footprint. The company said its financing is available in 32 states and Washington, D.C., and makes comprehensive clean energy projects possible on a broader scale.
The investment marks the largest single funding round to date for Petros, and will be used to fund its nationwide expansion of its Commercial Property Assessed Clean Energy (C-PACE) financing business.
“Commercial PACE is a nascent industry with tremendous growth potential,” Rodriguez said. “I’m excited to invest in Petros PACE, and look forward to leveraging my real estate experience to help the company expand and introduce this innovative financing tool to commercial property owners in new markets across the nation.”
In 2017, Petros grew over 100 percent, year-over-year, and funded transactions in seven states.
Rodriguez has invested in commercial and residential real estate since 2004. His portfolio includes the ownership and management of more than 10,000 multifamily apartment units in 10 states.
“Alex is a highly accomplished and well-respected businessman with unmatched relationships in the commercial real estate industry, and we’re excited to have him as an investor and board member,”Petros co-founder and CEO Mansoor Ghori said.
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