- Category
- Announcements
- Date
- June 08, 2016
- Title
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Kramer Levin Completes $305.3 Million Residential PACE Securitization
Kramer Levin represented Hero Funding Trust 2016-2, as issuer, and Renovate America, Inc., as the transaction sponsor, in the issuance of $305.3 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 seventh securitization to be completed of PACE bonds and the largest single issuance so far. The transaction closed on June 6, 2016. The Kramer Levin team consisted of Banking and Finance partner Laurence Pettit, associate Daniel Michaelson and law clerk Joel Pietrzak, Tax partner Barry Herzog and associate Deborah Taeid.
Related People
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Laurence Pettit
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- Partner
- New York
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Daniel Michaelson
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- Partner
- New York
- vcard
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Barry Herzog
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- Partner
- Chair, Tax
- New York
- vcard
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