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Carlyle to Invest up to $1B to Facilitate North Bridge's C-PACE Loans
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The Carlyle Group (CG - Free Report) made a strategic investment in North Bridge ESG LLC (North Bridge), with a commitment to provide up to $1 billion to facilitate the origination of commercial property assessed clean energy (C-PACE) loans by North Bridge.
C-PACE financing, which North Bridge offers institutional clients in major U.S. markets, is a fixed-rate, long-term funding option backed by local property assessments. This financing mechanism is becoming popular among commercial real estate developers due to its ability to increase property values while also providing flexible terms for building, renovation and recapitalization projects.
Carlyle's Credit Strategic Solutions (CSS) and Private Credit teams worked together to complete this deal. CSS is a Global Credit business unit that focuses on private fixed-income and asset-backed investments.
More on Carlyle Investment in North Bridge’s C-PACE Loans
This partnership between Carlyle and North Bridge capitalizes on CG's strategic expansion, real estate and asset-backed finance experience. This will enable North Bridge to address changing market needs on a bigger scale.
The $1-billion commitment from Carlyle to C-PACE is the largest financing to date, allowing North Bridge to lead the industry's transformation to better satisfy the needs of institutional sponsors and their lenders.
Management Remarks
Akhil Bansal, head of Credit Strategic Solutions at Carlyle, stated, "We are pleased to bring together Carlyle's significant expertise in asset-backed finance and real estate credit to help commercial real estate owners address their financing needs." He added, "North Bridge has a proven capability to deliver C-PACE financing solutions of substantial size to borrowers and sponsors and we are excited to partner with them to drive growth in an increasingly important financing market."
Rachel King, a principal focused on opportunistic real estate credit at Carlyle stated, “Our partnership with North Bridge, a leader in providing capital market solutions to commercial real estate owners, allows us to further meet the financing demands facing the industry." He also noted, “Banks have pulled back from commercial real estate lending due to concentration risk in the sector, resulting in a dynamic that we believe should yield attractive relative value opportunities for C-PACE lenders with capital to deploy today."
Final Words on CG Investment Plan
Carlyle's Real Estate Credit Opportunities strategy, part of the private credit team, focuses on directly originated, asset-specific commercial real estate lending, programmatic investing in real estate credit platforms, financing companies focused on real estate and real estate-related investments.
The latest move positions Carlyle as a significant player in the growing market of focused real estate finance.
In the past year, the stock has gained 29.1% compared with the industry’s 28.3% growth.
Some better-ranked bank stocks worth considering are USCB Financial (USCB - Free Report) and First Reliance Bancshares, Inc. (FSRL - Free Report) .
Estimates for USCB’s current-year earnings have remained unchanged in the past month. The company’s shares have jumped 36% in the past six months. The stock sports a Zacks Rank #1 at present.
Estimates for FSRL’s current-year earnings have been revised 11.3% upward in the past week. The company’s shares have risen 16.8% in the past six months. The stock sports a Zacks Rank #1 at present.
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Carlyle to Invest up to $1B to Facilitate North Bridge's C-PACE Loans
The Carlyle Group (CG - Free Report) made a strategic investment in North Bridge ESG LLC (North Bridge), with a commitment to provide up to $1 billion to facilitate the origination of commercial property assessed clean energy (C-PACE) loans by North Bridge.
C-PACE financing, which North Bridge offers institutional clients in major U.S. markets, is a fixed-rate, long-term funding option backed by local property assessments. This financing mechanism is becoming popular among commercial real estate developers due to its ability to increase property values while also providing flexible terms for building, renovation and recapitalization projects.
Carlyle's Credit Strategic Solutions (CSS) and Private Credit teams worked together to complete this deal. CSS is a Global Credit business unit that focuses on private fixed-income and asset-backed investments.
More on Carlyle Investment in North Bridge’s C-PACE Loans
This partnership between Carlyle and North Bridge capitalizes on CG's strategic expansion, real estate and asset-backed finance experience. This will enable North Bridge to address changing market needs on a bigger scale.
The $1-billion commitment from Carlyle to C-PACE is the largest financing to date, allowing North Bridge to lead the industry's transformation to better satisfy the needs of institutional sponsors and their lenders.
Management Remarks
Akhil Bansal, head of Credit Strategic Solutions at Carlyle, stated, "We are pleased to bring together Carlyle's significant expertise in asset-backed finance and real estate credit to help commercial real estate owners address their financing needs." He added, "North Bridge has a proven capability to deliver C-PACE financing solutions of substantial size to borrowers and sponsors and we are excited to partner with them to drive growth in an increasingly important financing market."
Rachel King, a principal focused on opportunistic real estate credit at Carlyle stated, “Our partnership with North Bridge, a leader in providing capital market solutions to commercial real estate owners, allows us to further meet the financing demands facing the industry." He also noted, “Banks have pulled back from commercial real estate lending due to concentration risk in the sector, resulting in a dynamic that we believe should yield attractive relative value opportunities for C-PACE lenders with capital to deploy today."
Final Words on CG Investment Plan
Carlyle's Real Estate Credit Opportunities strategy, part of the private credit team, focuses on directly originated, asset-specific commercial real estate lending, programmatic investing in real estate credit platforms, financing companies focused on real estate and real estate-related investments.
The latest move positions Carlyle as a significant player in the growing market of focused real estate finance.
In the past year, the stock has gained 29.1% compared with the industry’s 28.3% growth.
Currently, CG carries a Zacks Rank #4 (Sell). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Stocks Worth Considering
Some better-ranked bank stocks worth considering are USCB Financial (USCB - Free Report) and First Reliance Bancshares, Inc. (FSRL - Free Report) .
Estimates for USCB’s current-year earnings have remained unchanged in the past month. The company’s shares have jumped 36% in the past six months. The stock sports a Zacks Rank #1 at present.
Estimates for FSRL’s current-year earnings have been revised 11.3% upward in the past week. The company’s shares have risen 16.8% in the past six months. The stock sports a Zacks Rank #1 at present.