RENEWABLE ENERGY NEWS AND UPDATES
770-256-9275 Info@ERECAP.US
Empire Renewable Energy Capital funds 262,000 sq ft ground up construction industrial and mixed-use warehouse located in Union New Jersey
February 2023
Empire Renewable Energy Capital funds 262,000 sq ft ground up construction industrial and mixed-use warehouse located in Union, New Jersey. The property is 30% pre-leased to a machining and fabrication manufacturer in the aerospace industry and 20% pre-leased to a 3PL tenant.
Property owner FMS CFO Dan Harris stated “Prior to speaking with the team at ERE we had discussions with a number of our previous lending partners and they were not willing to fund ground up construction that is only 50% pre-leased, the best and only offer we received was 55% LTC. The team at ERE was able to see past this issue and understand the quality of the location and experience of the FMS team and provide us with substantially higher leverage.’
ERE Capital Senior Director Robert Behrens stated “We are always honored to work with an experienced sponsor in today’s changing, challenging, and dynamic market. We are able to execute when many lenders have pulled back or lowered their LTC and LTV guidelines. The sponsors had been working on this project for a year and had permits in hand so we were able to close this loan in the first week of February, which was a 45 day closing.”
Dan Harris further stated “Working with the team at ERE Capital allows us to reach and exceed our ESG goals. In addition to providing capital their team and EPC partner worked hand in hand with our design build group to quickly assess and design our solar and micro-grid components. The solar component is done via a PPA - Power Purchase Agreement. The energy component will deliver more than 85% of our energy needs and lower our energy costs by more than 28%, which goes directly to our bottom line; this comes at no capital outlay for our company. Additionally, instead of having to call and coordinate between multiple vendors to implement our green initiatives, it was one call to ERE and they were able to provide us with all of their tools, including their Carbon Credit Platform which will add more than $225,000 annually to our bottom line, and their NetZero Emissions Monitoring System. All of their tools lower our capital costs and requirements, improve our NOI, IRR, and DSCR. Working with ERE has been a joy and we look forward to funding our next projects with them.”
ERE Capital is a family office that provides debt financing for all commercial property types with minimum loan amounts of $5M; minimum loan amounts for ground up construction are $10M. Robert Behrens stated “We are unique in that we can provide bridge and conventional financing. Because of our internal processes and procedures we eliminate friction points in the financing process, and can also assist with the implementation of green initiatives and NetZero programs. Our Green Tools and Technology can be in conjunction with our financing, or stand-alone. We can assist you with implementing the E in your ESG programs without adding to your headcount.”
“We have EPC Partners that we work with, and we are aggressively seeking qualified EPC firms and their high quality projects that require financing, whether it be PPA’s - Power Purchase Agreements, equipment financing, or bridge or conventional debt financing for CRE projects. We truly live, breathe, and believe in in our motto:
We have the
Tools and
Technology to make you
Better Cleaner Greener Faster!!®
ERE Capital Programs include
- Nationwide Bridge and Conventional CRE (Commercial Real Estate) Financing with loan amounts $5M and up. Ground up construction $10M and up
- We provide PPA’s Power Purchase Agreements for CRE properties. A PPA is where we own, install, and maintain the solar and renewable energy equipment, generate electricity, and sell that electricity to you the property owner and lower your energy costs 15% to 25% and lower your carbon footprint. No CAPEX or costs to the property owner because we own and maintain the equipment.
- We have a Multi-Patented Microgrid solution that works in conjunction with solar or as standalone primary power that lowers your energy costs 15% to 25% while lowering your carbon footprint. Intelligent, Sustainable, Scalable
- Equipment Financing $1M and up
- Our Digital Automated Carbon Credit Platform fully automates the registration, verification, certification and monetization of carbon credits. Zero cost, risk, or maintenance for the property owner. Add an additional profit center to your properties at no cost to you.
- Our Net Zero Emissions Monitoring System will effectively measure and monitor your carbon emissions, develop a plan to mitigate them, and assist with implementing green solutions that dramatically reduce your carbon footprint
