Stonehill announced that it now provides Property Assessed Clean Energy (PACE) lending. The company also named Anne Hill president and Connor Murch director of business development. Together they will head up the newly formed Stonehill PACE division.
“Anne and Connor have unparalleled reputations as some of the leading providers of gap financing for construction projects, and their knowledge of PACE lending is second to none,” said Mat Crosswy, principal, Stonehill.
“They are the ideal candidates as we further expand our lending capabilities. For the first time, we will offer these services to all asset classes, not just to the hospitality industry. We will target new construction projects, including hotels, multi-family, senior living and student housing, looking for a low-cost alternative to mezzanine financing.”
In her new role as president of Stonehill PACE, Hill will be actively involved in sourcing and underwriting opportunities and building partnerships with construction lenders nationwide. Prior to Stonehill, Hill was president of RAHILL Capital, the nation’s leading originator of CPACE transactions for new construction. She also was senior vice president of corporate development at Murphy Company, one of the largest commercial mechanical contractors and engineers in the nation. Hill earned her bachelor’s degree in architecture from Princeton University and her MBA from the Stanford Graduate School of Business.
As director of business development, Murch will identify and prequalify opportunities for PACE financing, as well as work with developers to structure PACE to fit with the other components of the capital stack. Previously, he was senior finance manager with RAHILL Capital. During his tenure there, he worked with Hill and the rest of the RAHILL team to source and close more than $85 million in CPACE loans. Prior to that, he served as principal at Conquest Strategies, a commercial real estate/tech start-up consultancy. Also, he was principal and financial manager at Revival STL Construction, where he sourced financing for more than $100 million in acquisitions. Murch received his BSBA in finance & real estate from the University of Missouri-Columbia.
“Mat and the rest of the Stonehill team have put together an excellent platform to provide various levels of financing for the hospitality industry, and adding a PACE division allows the company to grow beyond its hospitality roots,” Hill noted. “We now offer a turnkey solution to developers looking for additional funds to complete their projects on time and on budget.”
“PACE funding is available for most projects that adhere to local ordinances without having to rework design plans,” Murch added. “It’s a cost-efficient solution we believe will be attractive to many developers.”