Aggressive value of capital to profit photo voltaic builders throughout the nation
VIENNA, VA, January 31, 2023 – SolarREIT™, a photo voltaic actual property funding fund, introduced at the moment that they’ve efficiently closed a revolving credit score facility with Atlantic Union Financial institution (AUB). This line of credit score supplies the corporate with an extra $15 million in liquidity, and can enable SolaREIT™ to proceed scaling the enterprise and successfully leverage the securitization facility established in 2021 with Nuveen/TIAA CREF. SolaREIT™ represents a brand new photo voltaic land financing mannequin, offering photo voltaic builders and landowners with robust financing choices. The credit score facility will enable the corporate to pool land and lease beneath group photo voltaic initiatives earlier than inserting it in a securitization facility.
“Photo voltaic builders want monetary flexibility now greater than ever. SolarREIT™ gives photo voltaic builders actual property financing options that present a aggressive value of capital backed by deep trade experience,” mentioned Laura Pagliarulo, President of SolaREIT™. “Atlantic Union Financial institution’s revolving credit score facility compliments our Nuveen/TIAA CREF securitization facility, additional permitting us to scale nationwide.”
“Atlantik Union Financial institution is dedicated to offering our shoppers with options that present the flexibleness they should develop their enterprise. The clear power revolution is our collective duty, and our partnership with SolarREIT ™ will be sure that extra clear power initiatives are financed successfully,” John Lester, Business Relationship Supervisor at Atlantic Union Financial institution.
SolarREIT™, a minority-owned and women-owned enterprise, supplies photo voltaic builders and landowners with capital options together with land purchases, lease purchases, and residential fairness loans. photo voltaic that permits landowners to entry the complete worth of their photo voltaic land. The corporate is targeted on making investments that assist the transition to a low-carbon financial system.
SolarREIT™, based mostly in Vienna, Virginia, focuses on making investments within the acquisition, improvement, and administration of climate-friendly photo voltaic property that assist the transition to a low-carbon financial system. We purpose to offer distinctive merchandise to shoppers whereas producing enticing returns for our buyers. For extra data, please go to www.solareit.com.
About Atlantic Union Financial institution
Headquartered in Richmond, Virginia, Atlantic Union Financial institution is a completely owned subsidiary of Atlantic Union Bankshares Company (Nasdaq: AUB). Atlantic Union Financial institution gives a variety of monetary companies to business and retail shoppers and operates 114 branches and roughly 130 ATMs positioned all through Virginia, and in elements of Maryland and North Carolina. Some non-bank monetary companies companions of Atlantic Union Financial institution embrace: Atlantic Union Gear Finance, Inc., which supplies tools financing; Atlantic Union Monetary Consultants, LLC, which supplies brokerage companies; and Union Insurance coverage Group, LLC, which gives a various line of insurance coverage merchandise.