Amalgamated Bank closes $1.7M C-PACE financing for Nashville retail property.

Amalgamated Bank has successfully closed a $1.7M C-PACE financing under the Davidson County C-PACER Program using Allectrify's FASTPACE Platform. The financing recapitalizes a recently completed gut rehab project of an 80-year-old retail structure in Nashville, Tennessee. The project includes energy-efficient improvements such as LED lighting, high-efficiency HVAC, and storm resiliency measures.

Amalgamated Bank has successfully closed a $1.7 million Commercial Property Assessed Clean Energy (C-PACE) financing deal in Nashville, Tennessee. The financing, facilitated through Allectrify's FASTPACE Platform under the Davidson County C-PACER Program, supports the renovation of an 80-year-old retail structure. The project, owned by A. Ray Hospitality, includes various energy-efficient improvements such as LED lighting, high-efficiency HVAC, improved insulation, energy-efficient windows, and storm resiliency measures. The renovated space houses several small businesses, including a new M.L. Rose Craft Beer & Burger location [1].

This transaction marks Amalgamated Bank's commitment to sustainable financing and its growing presence in the green financing sector. The deal's structure is notable for its ability to recapitalize already-completed sustainable building projects, demonstrating Amalgamated's efficiency in executing transactions of various sizes. The financing package funded several energy efficiency improvements for the retail building, aligning with Amalgamated's market differentiation strategy centered on sustainable and community-focused banking [1].

From a business development perspective, this transaction represents Amalgamated's continued penetration into the Nashville market while strengthening its relationship with local business owners. The bank's willingness to finance projects supporting small local businesses rather than just large commercial developments suggests a diversified approach to its C-PACE lending strategy [1].

While a $1.7 million deal won't significantly impact Amalgamated's overall loan portfolio, it exemplifies their execution of a specialized lending strategy that differentiates them from conventional commercial banks. The transaction demonstrates Amalgamated's commitment to expanding its presence in the growing C-PACE financing segment while reinforcing its brand identity as a sustainability-focused financial institution [1].

Amalgamated Bank and Allectrify have collaborated to power green redevelopment in Nashville, enabling commercial property owners to finance energy efficiency, resiliency, and sustainability measures without high up-front costs. This deal highlights the potential of innovative C-PACE financing to drive investment in healthy building stock and thriving local economies [1].

References:
[1] https://www.stocktitan.net/news/AMAL/amalgamated-bank-closes-1-7m-retroactive-c-pace-deal-to-revitalize-4idlc5ik11tw.html