Announcements
Feb. 17, 2016

Kramer Levin Completes $217.5 Million Residential PACE Securitization

Kramer Levin represented Hero Funding Trust 2016-1, as issuer, and Renovate America, Inc., as the transaction sponsor, in the issuance of $217.503 million of asset-backed notes. The notes are backed by a pool of limited obligation improvement bonds issued by Western Riverside Council of Governments (WRCOG), San Bernardino Associated Governments (SanBAG), and Los Angeles County. These bonds are issued in connection with WRCOG’s, SanBAG’s, and LA County’s property-assessed clean energy (PACE) programs that are managed by Renovate America under the “HERO” (home energy renovation opportunity) brand. This is the client’s sixth securitization to be completed of PACE bonds. The transaction closed on February 12, 2016. The Kramer Levin team was led by Banking and Finance partner Laurence Pettit and included Banking and Finance associate Daniel Michaelson, Tax partner Barry Herzog and associate Jason Tomitz.

Related People

Related Practices

We use cookies on this website to optimize user experience and site functionality and to give you the best possible experience. We do so with your approval. The choice is up to you. Learn more.