Revolutionizing Financing with C-PACE in Oklahoma
Oklahoma City witnessed a significant advancement in sustainable financing as Amalgamated Bank, a subsidiary of Amalgamated Financial Corp. (NASDAQ: AMAL), proudly announced the closure of its very first adjustable-rate financing under the Oklahoma County C-PACE Program. This innovative deal is set to support the Alley North Office development using Allectrify's FASTPACE Platform, showcasing a groundbreaking effort in commercial property funding.
A Pioneering Project in Oklahoma County
The Alley North redevelopment project represents a centerpiece for a vibrant new district in Oklahoma City, making a mark in the historic “Automobile Alley.” This multi-story mass timber office structure will not only serve as the new headquarters for C.H. Guernsey & Company, a renowned engineering, architectural, and consulting services firm, but also establish a benchmark for similar future endeavors in the region.
Sustainability at the Core of the Development
The C-PACE financing from Amalgamated Bank is earmarked for implementing a high-efficiency glazing system designed to enhance energy efficiency. This high-performance approach to windows and glass is pivotal in maximizing natural light and minimizing energy consumption for heating and cooling. The project is rooted in sustainability and embraces human-centered design principles, ultimately aimed at fostering the health and well-being of its occupants.
Industry Leaders Embrace the Future of Energy Financing
According to Sam Brown, Chief Banking Officer at Amalgamated Bank, this project exemplifies a successful collaboration that has ushered in a new era of flexible financing options in Oklahoma. He states, "This is a great example of expertise and ingenuity working in concert to facilitate the first adjustable-rate C-PACE deal in this county." As a part of their ongoing collaboration with Allectrify, the bank aims to undertake more such C-PACE deals, catering to the rising demand for innovative financing solutions for energy-efficient construction projects.
Transformative Financing Solutions with Allectrify's FASTPACE Platform
Colin Bishopp, CEO of Allectrify, expressed enthusiasm over the successful closure of this innovative project through their FASTPACE platform. He mentioned, "FASTPACE offers borrowers greater flexibility and more efficient execution for projects of all sizes. The Alley North Office development is a prime example of this capability. We are excited to support the first adjustable-rate financing in Oklahoma County, bringing unique flexibility to transaction parties involved." C-PACE financing, a crucial component in this project, is designed for long-term and competitive financing solutions that promote energy performance, resilience, and water conservation in commercial properties. This adjustable-rate funding structure is set to refresh the interest rate at predefined intervals, offering an enticing prospect for future investors.
Understanding the Mission Behind Amalgamated Bank
Amalgamated Bank stands as a mission-driven institution with a storied history since its inception in 1923. Based in New York, this full-service commercial bank champions values that align with social responsibility and sustainable practices. Their commitment extends to supporting clean energy initiatives and fostering developments that advocate positive change in communities.
Through a combination of retail banking products, investment management, and sustainable finance, Amalgamated remains dedicated to uplifting organizations that mirror its core values. Their focus on mission-aligned businesses includes partnerships with nonprofit organizations and B Corporations, emphasizing community-oriented investments.
Allectrify's Role in Simplifying C-PACE Financing
Allectrify has earned recognition for simplifying the financing process surrounding C-PACE projects. With their FASTPACE platform, they empower banks, credit unions, and other financial entities to provide quick and efficient access to C-PACE funding, facilitating projects and reducing costs for borrowers.
Contact Information for Further Inquiries
For more details about this collaboration and upcoming projects, interested parties are encouraged to reach out directly to the respective representatives.
For Amalgamated Bank:
Ayele Ajavon
929-979-5811
media@amalgamatedbank.com
For Allectrify:
Lainie Rowland
973-908-9304
lainie@allectrify.com
Frequently Asked Questions
What is C-PACE financing?
C-PACE financing is designed to support commercial property owners in improving energy performance and sustainability through long-term funding mechanisms.
What role did Amalgamated Bank play in this project?
Amalgamated Bank facilitated the adjustable-rate financing for the Alley North Office development under the Oklahoma County C-PACE Program.
How does the FASTPACE platform benefit borrowers?
The FASTPACE platform streamlines the financing process, providing borrowers with greater flexibility and lower transaction costs for their projects.
What kind of projects can utilize C-PACE financing?
C-PACE financing can benefit various commercial projects focused on energy efficiency, resilience, and sustainability.
How can I learn more about these developments?
For more specific inquiries or detailed information, you can contact representatives from Amalgamated Bank or Allectrify directly.
