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Inland Green Capital LLC Closes $2.76 Million C-PACE Refinancing for The Drake Hotel in Oak Brook, Illinois

Oak Brook, Ill. – Inland Green Capital LLC (“Inland Green Capital”), an environmental finance and investment company, announced the closing and funding of a commercial Property Assessed Clean Energy (“PACE”) transaction in Oak Brook, Illinois, a western suburb of Chicago. Inland Green Capital was selected to refinance $2.76 million in energy efficient improvements for the luxury hotel, The Drake Oak Brook, Autograph Collection (“The Drake Hotel”), located at 2301 York Road in Oak Brook.

The funding, which closed in late August 2021, refinances new windows and building envelope elements, boilers, chillers, HVAC infrastructure improvements, water-conserving plumbing installations and LED lighting that were made from mid-2019 through mid-2021. The PACE project is expected to provide The Drake Hotel with approximately $1 million in savings over the 25-year financing term and lifetime energy savings of nearly 5.2 million kilowatt hours of electric, 340,000 therms of natural gas and more than 24 million gallons of water.

"Inland Green Capital allowed us to achieve our goal of taking a 60-year-old property and converting it to a much more high-efficiency, green hotel,” said Jim Nagle, owner of The Drake Oak Brook. 

Inland Green Capital specializes in C-PACE financings for PACE project initiatives throughout the country.

The renovation of The Drake Hotel will result in a comprehensive energy efficiency upgrade that modernizes this landmark destination and should reduce utility expenses,” said Anna Maria Kowalik, senior vice president – director of business development for Inland Green Capital. “We are thrilled to be part of this transaction in Oak Brook and look forward to many more Illinois-based PACE projects in the future.”

PACE is an innovative financing tool that provides long-term, fixed-rate funding to private building owners for energy efficiency, renewable energy, water conservation, electric vehicle charging and resiliency projects to be installed in both existing or new commercial properties. To date, the PACE program has provided financing for over 2,500 commercial projects, totaling $2 billion in funding and has created nearly 22,400 jobs nationwide.*

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About Inland Green Capital LLC
Inland Green Capital LLC is an environmental finance and investment company that provides capital for energy efficiency solutions for property owners using PACE and other funding tools throughout the country. Established in 2012, Inland Green Capital is a member of The Inland Real Estate Group of Companies, Inc., one of the nation’s largest commercial real estate and finance groups. For more information about Inland Green Capital, please refer to the company website at www.inlandgreencapital.com.

*Source: PACE Nation

 

RE Journals: Inland Green Capital LLC hires vice president of business development

DATE: January 21, 2021

https://rejournals.com/inland-green-capital-llc-hires-vice-president-of-business-development/

Commercial Property Executive: C-PACE Builds Resilience in Tough Times

https://www.cpexecutive.com/post/c-pace-builds-resilience-in-tough-times/

Virginia PACE Authority: Inland Green Capital Interview

https://www.youtube.com/watch?v=3FqPr2Knyds&feature=youtu.be

Connect CRE: Inland Green Capital Funds First Colorado C-PACE Deal

https://www.connectcre.com/stories/inland-green-capital-funds-first-colorado-c-pace-deal/

Inland Green Capital LLC Hires Vice President of Business Development

DATE: January 21, 2021

Oak Brook, Ill- Inland Green Capital LLC (“Inland Green Capital”), an environmental finance and investment company, announced that Jason Stringer has joined its team as vice president of business development, where he will oversee Inland Green Capital’s strategic origination partnerships and development opportunities for the Property Assessed Clean Energy (“PACE”) program.

PACE is an innovative financing tool that provides long-term, fixed-rate funding to private building owners for energy efficiency, renewable energy, water conservation, electric vehicle charging and resiliency projects (“PACE projects”) to be installed in both existing or new commercial properties. To date, PACE programs have provided financing for over 2,500 commercial projects, totaling $2 billion in funding and has created nearly 22,400 jobs nationwide.*

Mr. Stringer has been active in the PACE market since 2015, where he led the development of the PACE Wisconsin program and provided guidance on best practices for PACE programs throughout the country. In his previous role as Director of Business Development for Slipstream, he approved and closed 38 PACE projects in Wisconsin and Illinois and oversaw assessment administration, direct billing and invoice remittance for approximately $45 million of PACE financings.

“We are thrilled to have Jason join our team,” commented Mark Pikus, president of Inland Green Capital. “He brings more than 20 years of experience in real estate project finance, project development, municipal relations, sustainability and PACE program administration to this role, and his expertise will be valuable in the expansion of Inland Green Capital’s PACE program financing initiatives.”

Mr. Stringer earned his bachelor’s degree from Michigan State University and a master’s degree in real estate and urban land economics from the University of Wisconsin – Madison.

About Inland Green Capital LLC

Inland Green Capital LLC is an environmental finance and investment company that provides capital for energy efficiency solutions for its Borrowers using PACE and other funding tools throughout the country. For more information about Inland Green Capital, please refer to the company website at www.inlandgreencapital.com.

Inland Green Capital LLC Expands Footprint, Closes C-PACE Financing for Hospitality Redevelopment in Colorado

DATE: March 15, 2021

Oak Brook, Ill- Inland Green Capital LLC (“Inland Green Capital”), an environmental finance and investment company, announced the closing and funding of their first commercial Property Assessed Clean Energy (“PACE”) transaction in the state of Colorado. Inland Green Capital was selected through the Colorado Commercial Property Assessed Clean Energy Program (“C-PACE”) to provide financing for $130,000 in energy efficient improvements for a hospitality redevelopment.

The PACE funding will cover HVAC infrastructure costs in the conversion of a former IHOP restaurant located at 1002 South College Avenue in Fort Collins, Colorado. Palmer Properties, a Colorado-based commercial real estate firm partnered with Air Comfort, Inc. to complete the project. Locally owned Big Red F Restaurant Group will open The Post Brewing Chicken & Beer at the location this spring.

Inland Green Capital specializes in mid-range C-PACE loans and retroactive financing. Although there has been an increase in PACE activity with hospitality properties, this is Inland Green Capital’s first deal in the Colorado market.

“While Inland has provided PACE financing nationwide for years, this is our first Colorado project. We are thrilled to be part of one of the most successful PACE programs in the country and look forward to many more Colorado-based projects in the future,” said Jason Stringer, vice president of business development of Inland Green Capital.

PACE is an innovative financing tool that provides long-term, fixed-rate funding to private building owners for energy efficiency, renewable energy, water conservation, electric vehicle charging and resiliency projects to be installed in both existing or new commercial properties. To date, the PACE program has provided financing for over 2,500 commercial projects, totaling $2 billion in funding and has created nearly 22,400 jobs nationwide.*

About Inland Green Capital LLC

Inland Green Capital LLC is an environmental finance and investment company that provides capital for energy efficiency solutions for property owners using PACE and other funding tools throughout the country. Established in 2012, Inland Green Capital is a member of The Inland Real Estate Group of Companies, Inc., one of the nation’s largest commercial real estate and finance groups. For more information about Inland Green Capital, please refer to the company website at www.inlandgreencapital.com.

Top Regional Leaders Honored at Better Business Bureau of Chicago and Northern Illinois’ 92nd Annual Dinner Meeting

The Better Business Bureau of Chicago & Northern Illinois (BBB) is honored to announce this year’s award winners and new board members activated at its 92nd Annual Dinner held on Thursday, March 7, 2019 at the Swissotel Chicago. With over 600 attendees, the event featured the globally acclaimed Dev Patnaik, CEO of Jump Associates and one of the leading voices for Conscious Capitalism, as the keynote speaker.

Jump Associates is a strategy and innovation firm that works with some of the world’s most admired companies, including GE, Nike, Target and Virgin. Dev is a frequent speaker at business forums, and his articles have appeared in numerous publications, including Businessweek, Forbes, and Fast Company, and is the author of the widely acclaimed book “Wired to Care.”

 Distinguished awards that were presented include:

Torchbearer of the Year Award to Daniel Goodwin. As Chairman and CEO of The Inland Real Estate Group of Companies, Inc., Dan oversees a business that specializes in creating, developing and supporting separate real estate investment and financial companies. His passionate focus on ethics in business led to The Inland Real Estate Group of Companies winning the coveted Better Business Bureau Torch Award for Marketplace Ethics three times in the last eight years.

  • Diogenes Award for Excellence in Media to Zully Ramírez. Zully works as a reporter for Telemundo Chicago’s consumer unit. “Telemundo Chicago Responde” was launched in 2015 and offers Spanish speaking consumers a direct opportunity to have their concerns investigated. Through her mediations and investigations, she has helped consumers in the Chicago area and suburbs recover nearly a half million dollars. 
  • The James E. Baumhart Lifetime Achievement Award to Dale J. Mueller, the Chairman of Chicago AAMCO Transmission Dealers. Dale is the owner and operator of eight AAMCO Transmissions and Car Care operations, and Midas auto repair centers in Chicagoland. Since starting his business in 1967 he has won numerous awards from both franchises for excellence in sales and customer service. He has been a member of the Better Business Bureau since 1986, currently serves on the Board of Directors and is Chair of the Ethics and Standards Committee.

“All of our award recipients exemplify the goals and principles of the Better Business Bureau to support and foster an ethical marketplace benefiting both consumers and businesses,” says Steve J. Bernas, president & CEO of the BBB.

The dinner also included the addition of several top business leaders to the Board of Directors. In alphabetical order they are:

  • David J. Abrams | Sales Manager, Windy City Limousine & Bus Worldwide.  As a premier transportation company providing worldwide services, David’s business was voted “Best Transportation Provider in Illinois” nine times in the past ten years by peers in the hospitality industry. 
  • Rich Baudo | Vice President of Sales for Comcast Spotlight Chicago.  Since 2017, Rich has been the Vice President of Sales for Comcast Spotlight Chicago, the advertising sales arm of Comcast Cable. He leads a team of 50 local and regional sales professionals in the Chicago market. 
  • Ed Connealy | Connealy Design Element.  Started in 2016, Connealy Design Element provides consultation to the local Architect and Design community and drives sales for some of the industry’s most beautifully designed products. 
  • Victoria Garofalo | Vice President, Director of Marketing at Pan American Bank & Trust Responsible for the bank’s marketing activities, Victoria oversees the development and delivery of a fully integrated marketing strategy. 
  • Susan Jacobs | SVP Revenue Strategy, Tribune Publishing.  In her current role at Tribune Publishing, Susan leads revenue and sales strategy across nine major markets, including Chicago Tribune, NY Daily News, Baltimore Sun, Orlando Sentinel, Ft. Lauderdale Sun Sentinel, Hartford Courant, Allentown Morning Call, Virginia Pilot, and Newport News Daily Press. 
  • Juan Leyva | General Manager, LondonHouse Chicago.  Juan manages a team of over 300 employees and oversees day-to-day operations at the 452-room luxury lifestyle hotel in downtown Chicago. 
  • Natalie Bauer Luce | Executive Vice President for Culloton Strategies.  Natalie has developed and executed award-winning integrated marketing and communications campaigns. She’s an executive at a media communications and strategy firm that specializes in media relations, crisis communications, public affairs and grassroots campaigns. 
  • Roger T. Stelle | Founding Partner, Meltzer, Purtill & Steele LLC.  With a law practice focused on the representation of closely-held companies, including succession issues and the pursuit of both growth and exit strategies for their principals, Roger is a founding member of one of the largest suburban-based law firms in the Chicago metropolitan area with offices in both Schaumburg and Chicago. 
  • Walt Valo | Managing Director, Lucid Agency.  As Managing Director of Lucid Agency’s Chicago office, Walt Valo focuses on new business development and leading integrated digital marketing strategies that drive business growth for a variety of Fortune 500 clients.

PNC Bank was the presenting sponsor for this this year’s Annual Dinner. This year’s gold sponsor was Inland Real Estate Group of Companies. Silver sponsors included ComEd, Discover Financial and Fox Valley Auto Group.

Other major announcements at the Annual Dinner included:

  • The 2019 BBB Educational Foundation’s scholarship contest for high school seniors and college students will move to all video submissions this season. Entries must be submitted by Friday, May 31st. For more information go to org/entry-guidelines.
  • The 25th Annual Integrity Golf Classic will be held at Northmoor Country Club on Monday, July 22nd. All proceeds raised from the golf outing will benefit the BBB’s Educational Foundation. For sponsorship opportunities and golfer registration go to org.
  • Nominations for the 2019 BBB Torch Awards for Marketplace Trust and Excellence are now open. Nominate your company today at org.

By Better Business Bureau. March 15, 2019.

https://www.bbb.org/article/news-releases/19631-top-regional-leaders-honored-at-better-business-bureau-of-chicago-and-northern-illinois-92nd-annual-dinner-meeting?bbbid=0654

Daily Herald Business Ledger : Make way for commercial PACE funding in Illinois

http://www.dailyherald.com/business/20170907/make-way-for-commercial-pace-funding-in-illinois 

Daily Herald Business Ledger 

By: Mark Pikus

September 7th, 2017

SELF: Residential PACE Now Available in St. Lucie County

SELF_Press Release_RES PACE_April 5 2017_0.pdf (83.96 KB)

Commercial Property Executive: Hunting Greenbucks

https://www.bluetoad.com/publication/?i=397990#"{issue_id:397990,page:20}"

Commercial Property Executive

April 2017

Multi-Housing News: Setting the PACE

https://www.mydigitalpublication.com/publication/?i=343908&utm_source=WhatCountsEmail&utm_medium=Monthly%20Magazine&utm_campaign=MHN%20October%202016#{"issue_id":343908,"page":34} 

Multi-Housing News

October 2016

PACE Financing Fosters Redevelopment

SELF_Press Release_PACE_Nu View_Apr 6 2016_0.pdf (330.86 KB)

Inland Green Capital Provides Capital for Three PACE Projects in FL

Inland Green Capital Provides Capital for Three PACE Projects in FL

Inland Green Capital LLC, in collaboration with Solar and Energy Loan Fund (SELF) and the St. Lucie Board of County Commissioners, provided capital for three PACE transactions in the city of Fort Pierce.

A 3,344 SF retail center utilized PACE as a financing tool for energy-efficiency upgrades to doors, windows, hurricane shutters, an improved HVAC system, and roof. A 1,076 SF residential building received financing to improve the outdated HVAC as well as the roof and windows. Additionally, Inland Green Capital provided PACE capital for a 20,000 SF commercial building which will be used to update lighting and its existing HVAC system.

Through the use of PACE financing, all Borrowers had no upfront costs related to the improvements. Due to PACE being a land-secured assessment, repayment is structured over time as part of the buildings’ annual tax bill and not an obligation of any person.

Inland Green Capital Provides $1.6 Million in PACE Financing for Office in Missouri

Inland Green Capital Provides $1.6 Million in PACE Financing for Office in Missouri

Inland Green Capital provided PACE financing in the amount of $1.6 million for energy-efficient improvements on a seven-story office building in downtown Kansas City. PACE administrator, Missouri Clean Energy District collaborated with Inland Green Capital to update the 105,000 square-foot property’s aging HVAC system. Additional improvements include upgrading the controls and infiltration repair.

Through the use of PACE financing, the Borrower receive 100% financing for the costs and will repay the total amount through a special assessment which is part of the property’s real estate tax bill. The repayment will span over 15 years and stays with the property. PACE financing required no personal liability for the repayment.

Inland Green Capital LLC Steps Up In Green Financing for PACE

 

FOR IMMEDIATE RELEASE

DATE:             October 2, 2014

CONTACT:     Alyssa Templeton, Inland Marketing & Communications, Inc.

                        630-218-2887 alyssa.templeton@inlandgroup.com

 

Inland Green Capital LLC Steps Up In Green Financing for PACE

Company Expands Financing for Sustainable Real Estate Upgrades in Florida

 

Oak Brook, Ill. - Inland Green Capital LLC (“Inland Green Capital”), an environmental finance and investment company, is continuing its involvement in Property Assessed Clean Energy (“PACE”) financing by expanding to St. Lucie County, Florida. In August 2014, Inland Green Capital partnered with St. Lucie County and the non-profit organization Solar and Energy Loan Fund (“SELF”) to create a new PACE program which will allow easier access for commercial property owners to “go green.” Inland Green Capital will provide the capital for energy-efficient improvements such as HVAC upgrades and renewable energy projects such as solar panel installations.

“Programs like PACE are making it more convenient than ever to upgrade real estate properties with environmentally-conscious features,” said Mark Pikus, senior vice president of Inland Green Capital. “The program provides financing for commercial property owners looking for ways to upgrade their property with such improvements.”

PACE provides upfront financing through local and state government and is repaid by a special assessment that is part of the real estate taxes, potentially spanning 20 years. Since the security is in the form of a special assessment, the PACE financing runs with the property. Inland Green Capital has invested in PACE by funding PACE projects and assisting program administrators with start-ups and expansions. Inland Green Capital is an approved capital provider for many PACE programs throughout the country.

Inland Green Capital is actively seeking more opportunities to help PACE program startups, purchase private placement PACE transactions and promote sustainability in the real estate industry.

 

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About Inland Green Capital LLC

Inland Green Capital LLC is an environmental finance and investment company that provides capital for Property Assessed Clean Energy (PACE) project initiatives throughout the country. For more information about Inland Green Capital, please refer to the company website at www.inlandgreencapital.com.

 

Art Rendak to Speak at The 3rd Annual Sunshine Backed Bonds Conference in New York on April 30th

http://www.imn.org/conference/Sunshine-Backed-Bonds/Agenda.html

Inland Green Capital Finances First Ever Commercial PACE Transaction in Kentucky with Ivy Knoll

Inland Green Capital Finances First Ever Commercial PACE Transaction in Kentucky with Ivy Knoll

Inland Green Capital LLC, through the Greater Cincinnati Energy Alliance, made history by providing capital for the first PACE transaction in the state of Kentucky. Ivy Knoll Senior Living Community in Covington became the first private property owner to have received 100% financing in the amount of $784,236, enabling the 7-story, all electric building to benefit from several energy-efficient improvements. These benefits will include solar panels, automated heating and cooling for each of the residents’ units, and LED lighting throughout.

By using PACE financing, Ivy Knoll was able to borrow 100% of the costs and will repay the amount as a voluntary special improvement assessment on its property tax bill, which runs with the property and not with the individual property owner.

Additionally, because of its flexible capital, Inland Green Capital was able to provide interim, unsecured financing to the property owner to commence the renovations pending the closing of the ultimate PACE transaction, without the typical underwriting parameters of a conventional banking source. PACE financing did not require any personal guaranty!

The successful completion of the first PACE transaction in the state was largely due to the collaboration and expertise brought on by Greater Cincinnati Energy Alliance as the program administrator.

Inland Green Capital Provides Financing for PACE Improvements for CA Office

Inland Green Capital LLC, in collaboration with PACE administrator, Samas Capital, provided a $492,052 PACE bond to facilitate the funding of solar panels on a 28,093 SF, two-story office building in Anaheim, California. The financing funded 100% of the costs of the transaction.

The PACE financing was provided up-front and will be funded as the construction/ installation progresses for the improvements. The loan will be repaid in the form of a special assessment on its tax bill over 10 years. The amount owed is secured by the property with no personal guarantees of any kind.

Samas Capital was able to coordinate the local contractors, while Inland Green Capital provided the necessary capital allowing the building to proceed with the energy efficiency enhancements.

PACE Talk: St. Lucie County and Inland Green Capital LLC join forces to offer PACE financing in Florida

From: PACENow November 2014 Market Update Newsletter

http://pages.omkt.co/archive/bWVzc2FnZV8yNjM5NzM2Xzc0XzEwMjZfNzg2OTM=?type=100&channel=2

Hear Art Rendak Discuss Financing Solutions for Commercial PACE at the 3rd Annual Sunshine Backed Bonds Conference

(starting at 19:00)

Inland St. Lucie PACE Provides Capital for Solar Energy Improvements For Adams Ranch in Fort Pierce, FL

DATE: March 10th, 2015

Inland St. Lucie PACE, LLC, a subsidiary of Inland Green Capital LLC, with the collaboration of SELF (Solar and Energy Loan Fund), has provided capital for the financing of the installation of clean energy improvements at Adams Ranch in Fort Pierce, FL. The two-parcel property, totaling 234 acres, has gone through the St. Lucie Property Assessed Clean Energy program to install solar water heaters. These updates will allow for vast energy saving benefits and also make the local property owner one of the first to take part in this new program in St. Lucie County.

The St. Lucie PACE program provides easy access to financing an array of clean energy projects for commercial properties with no up-front capital necessary from the borrower. SELF helps administer the program throughout the St. Lucie County area. With improvements such as HVAC, solar panels, hurricane protection, and water mitigation being offered, energy-saving sustainable improvements have become more readily available for commercial owners than ever before.

 

About Inland Green Capital LLC

Inland Green Capital LLC is an environmental finance and investment company that provides capital for PACE project initiatives throughout the country. For more information about Inland Green Capital, please refer to the company website at www.inlandgreencapital.com.

SELF and Inland Green Capital Speak at the Economic Development Council of St. Lucie County Luncheon

DATE: September 24th, 2014

Port St. Lucie, Florida- With green initiatives being a hot topic in Florida, Doug Coward and Duanne Andrade of the non-profit Solar Energy Loan Fund (SELF) and Mark Pikus of Inland Green Capital LLC took the time to present the many benefits of incorporating energy efficiency and renewable energy features in commercial real estate and how to finance them through Property Assessed Clean Energy (PACE)

 St. Lucie County and SELF recently launched a PACE financing program in August 2014, which offers commercial real estate property owners upfront financing for green projects such as renewable energy, wind mitigation and water conservation. Capital for the program is funded by Inland Green Capital and is repaid through a voluntary assessment on the real estate that is repaid over time as part of the annual property tax bill. The program encourages green initiatives, reduces operating costs, stimulates the local economy through the use of community contractors, as well as promotes sustainability in the real estate industry.

About Inland Green Capital LLC

 Inland Green Capital LLC is an environmental finance and investment company that provides capital for PACE project initiatives throughout the country. For more information about Inland Green Capital, please refer to the company website at www.inlandgreencapital.com.

Inland Green Capital Purchases Bonds Totaling $370,000 For L.A County Energy Program

DATE: January 28th, 2015

Oak Brook, IL- Inland Green Capital LLC is pleased to announce its collaboration with the Los Angeles County Property Assessed Clean Energy (PACE) Program to be the capital provider for two of its PACE bonds in southern California. Both transactions were finalized during fall of 2014.

The Pomona Masonic Lodge, located in Pomona, CA, was the first bond purchase. The 15,648 SF building will be utilizing the funds to construct a 20 kW Solar Photovoltaic (PV) Array System on its rooftop. This solar panel system will allow for reduced utility costs and electric energy consumption.

Inland Green Capital also funded PACE improvements for Huntington East Medical Building in Glendora, CA. The 47,742 SF facility will be using the PACE capital to update to an energy-efficient HVAC system.

Both transactions for these commercial PACE projects were brought to Inland Green Capital by Structured Finance Associates, a provider of financing for real estate property owners for energy efficiency capital expenditures.

About Inland Green Capital LLC

Inland Green Capital LLC is an environmental finance and investment company that provides capital for PACE project initiatives throughout the country. For more information about Inland Green Capital, please refer to the company website at www.inlandgreencapital.com.