MIAMI–(BUSINESS WIRE)–Sol-REIT, LLC at the moment introduced the closing of a time period mortgage refinancing of the Inspira photo voltaic challenge in southern New Jersey. With the closing of this mortgage, Sol-REIT shall be transferring shortly to execute upon its $300 million and rising mortgage origination pipeline of construction-to-permanent mortgage financing alternatives for middle-market photo voltaic initiatives throughout the US.
“Center-market photo voltaic builders are the spine of our rising business,” mentioned Sol-REIT’s CEO, Mark Settles. “Sol-REIT is proud to offer builders fixed-rate, long-term financing that lastly closes the hole in developer entry to capital.”
To capitalize on its mortgage investments, Sol-REIT is finishing its preliminary spherical of senior most well-liked fairness investor commitments and is within the strategy of elevating a further $300 million in an institutional spherical.
“Our choices streamline entry to capital for photo voltaic builders whereas offering traders much-needed entry to inexperienced investments,” mentioned Brian A. Sidman, Sol-REIT’s Co-Founder & Head of Capital Markets. “Investments like these in a portfolio, backed by photo voltaic initiatives with Inspira coupled with high-quality vitality off-takers, present each income-generating alternatives and development potential.”
The Inspira photo voltaic challenge at the moment serves the 210-room Inspira Medical Middle, the 100-acre campus in Mullica Hill, New Jersey, simply 20 miles southeast of Philadelphia. The borrower has executed a 15-year energy buy settlement (“PPA”) with the medical middle. Sol-REIT’s time period mortgage funds the remaining 13-years of operations beneath the PPA. The bottom-mount photo voltaic challenge contains almost 3,600 photo voltaic panels producing 1.8 million kWh of renewable electrical energy annually, sufficient to energy 163 houses.
About Sol-REIT:
Sol-REIT revolutionizes clear vitality financing by offering revolutionary construction-to-permanent loans for middle-market photo voltaic developments throughout North America. This section is remarkably underserved in at the moment’s renewable vitality market.
Led by a group of business specialists skilled in photo voltaic growth, actual property lending, REITs, and stuck earnings, Sol-REIT is the primary funding automobile to carry mortgage REITs to the renewables market.
Within the course of, Sol-REIT strives to play an essential position in lowering the worldwide carbon footprint.
By financing photo voltaic much like actual property, Sol-REIT presents versatile financing for photo voltaic initiatives that matches the asset’s operational life whereas empowering photo voltaic developer entrepreneurs to turn into long-term homeowners of their very own initiatives. Sol-REIT is at the moment financing particular person photo voltaic initiatives with a mean mortgage measurement of $5 million to $50 million. For extra data, go to https://www.sol-reit.com