Kramer Levin Advises on Second Residential PACE Securitization

Kramer Levin advised 400 Capital Management and its affiliates in connection with the issuance by HERO Funding Trust 2014-2 of $129.145 million fixed rate Class A Notes rated AAsf by Kroll. The offering was made under Rule 144A. The collateral for the Notes was a pool of over 6,500 PACE assessments on residential properties in California. Renovate America, Inc. acts as program administrator for the relevant PACE programs, and the governmental authorities that contract with the property owners for the PACE assessments are the Western Riverside Council of Governments and the San Bernardino Associated Governments. This transaction closed on October 24, 2014. The Kramer Levin team comprised of Banking and Finance partner Laurence Pettit, Corporate associates Dan Michaelson and Jonathan B. Vessey, Financial Services special counsel Aviva L. Grossman, and Tax special counsel Blake A. Rigel and associate Jason Tomitz.