C-PACE 101: Myths Debunked

Tommy Wells is the director of the Department of Energy & Environment (DOEE). Appointed January 2015, he is chiefly responsible for protecting the environment and conserving the natural resources of the District of Columbia. Tommy’s team is comprised of approximately 300 environmental professionals collectively working to improve the quality of life for residents and the natural inhabitants of the Nation’s Capital. Most recently, Tommy served as the DC Councilmember representing Ward 6—a position he held since 2006. During his time on Council, he garnered broad support for his efforts to make the District livable and walkable for all. Tommy worked with the City’s leadership and, in particular, residents of Ward 6 to create a shared and respected place where drivers, cyclists, pedestrians, and exercise enthusiasts can co-exist safely. Known for his neighborhood-focused development, Tommy championed efforts to ensure availability of public transit, including the construction of new streetcar lines and the expansion of the DC Circulator. As Chair of the DC Council Committee on Transportation and the Environment, he worked to double the city’s Capital Bikeshare program. In 2009, Tommy crafted The Anacostia River Clean Up and Protection Act of 2009, to implement $0.05 fee on disposable bags. This landmark legislation prompted thousands of District residents to curb use of plastic bags and instead opt for reusable, green alternatives. Seventy-five percent of DC residents reported a decrease in their use of disposable bags once the bill took effect on January 1, 2010. The legislation also established a fund to restore District water bodies, including the Anacostia River; support the distribution of reusable bags in the District; install trash traps; and provide environmental education for District students. These and other efforts, championed by Tommy, have helped position the District as a model for sustainable green living for jurisdictions nationwide. With a career in public service that spans 32 years, Tommy’s commitment to District residents--particularly children--is unwavering. In 1996, he led a successful class action lawsuit, LaShawn v. Barry, to address the city’s failure to protect children in its care. In 1991, he took the helm of the DC Consortium for Child Welfare, where he helped to create neighborhood-based family service collaboratives to coordinate the delivery of city and nonprofit resources to underserved District residents. He was the architect of a groundbreaking program to match foster families with children affected by HIV/AIDS and he led the drive to create the DC Family Court,–resulting in a 300 percent increase in the number of foster children adopted into permanent homes each year. A passionate innovator and student of cutting edge solutions, Tommy earned his law degree from the Columbus School of Law at Catholic University in 1991 and a master’s degree in social work from the University of Minnesota in 1983. He and his wife, Barbara, a writer and arts enthusiast, are residents of Ward 6 in the District.

A seasoned leader with rich experience managing organizational stakeholders, Frances is recognized for strategically building ideas and developments of significance. She has a reputation for solving problems for large-scale projects that are challenging and complex and that involve numerous, often competing interests. She works tirelessly at building relationships and connecting project partners with the right entities to ensure success. Her passion runs deep and defines the way she approaches every project. A specialized project strategist who drives organizational objectives and goals to completion, Frances has a proven record for taking new public private partnerships from nascent concepts to successful realities. Her strengths include resourcing creative funding such as New Market Tax Credits and PACE financing. At Cross Street Partners (CSP), Frances manages the financing at the Dayton Arcade in Ohio. Bruce Katz, a leader, in urban renovation, referred to the Dayton Arcade project as “The Most Transformational project in the United States” in 2019. This was further punctuated by the Dayton Business Courier when they identified Frances as “the muscle” in the Arcade’s success with regard to her role in closing the immensely complicated financial closing with over twenty-five sources of funds. Frances also works with CSP’s Financial Advisory group to help third-party projects strengthen their capital stacks. CSP’s New Market Tax Credit Community Development Entity Urban Action Community Development team deploys allocation nationwide to meaningful projects. Frances works on the UACD team to source, vet and close projects. Prior to joining Cross Street Partners, Frances was a consultant with Cross Street Partners through FKM, the consultancy firm she founded. Notably she was also a member of the team that tackled the early stages of the redevelopment of Champion Paper in Hamilton, Ohio. This adaptive reuse project will be the site of the largest indoor sports complex in the United States. FKM’s projects included layering specialized finance into developments already underway, sourcing new market tax credits, compiling public private financing for recreational trail networks and riverfront development. Frances earned her Bachelor of Science in Business Administration from Xavier University in Cincinnati. She is Cincinnati USA Regional Chamber’s Leadership alumni. She has served as on officer of the Board of the United States Rowing Association prior to the Rio Olympic Games. She is frequent speaker on the topics of finance and complex projects. When not working she enjoys family time with her two boys.

Carrie O’Malley, a quintessential “dirt lawyer,” has been involved in almost every aspect of commercial real estate and finance law during her 24 year career. Carrie advises clients on innovative investment structures related to commercial real estate, including the rapidly-evolving arena of Property Assessed Clean Energy (PACE) financing. Carrie leads Hirschler’s multidisciplinary PACE team, and her PACE expertise involves the representation of all major PACE stakeholders, including developers, capital providers, local governments, and program administrators. Carrie advises PACE capital providers on all transactional elements of a PACE deal—from financing structures, to real estate due diligence, to document negotiation and compliance. With extensive PACE knowledge in a variety of jurisdictions, she also works with program administrators and localities throughout the lifecycle of a PACE project to improve PACE programs and standardize PACE documentation. Carrie’s national PACE practice includes expertise in 13 of the 21 states with active PACE programs (including the District of Columbia). In June 2017, she represented EagleBank and successfully closed the D.C. United Soccer Stadium deal ($25 million in PACE financing), which was the largest PACE transaction at the time and the largest and first-ever new construction PACE project in D.C. Carrie was involved in other PACE funding “firsts,” including the first PACE-funded office construction project in the United States and the first rated C-PACE securitization in the country. Carrie served on the 2018 and 2019 PACENation Summit Steering Committees. At Hirschler she serves as Co-Chair of the Commercial Real Estate Finance and Investment Practice Group, an active participant (and former Chair) of the Women's Initiatives Network (WIN), and the former Chair of the Commercial Real Estate Associate Development Program. Carrie completed a rigorous, four-year JD- MBA joint degree program at the University of Richmond in only three years of study, where she received her J.D. from the T.C. Williams School of Law and her M.B.A. from the Richard S. Reynolds Graduate School of Business. Carrie also earned her B.S.B.A. (Finance and Marketing) from the E. Claiborne Robins School of Business at the University of Richmond.

Rachel Davis is Senior Vice President of Sales for Petros PACE Finance. Rachel is based in Houston and oversees all business development and marketing activities and is responsible for the growing originations team. She began her career at Reliant Energy, a Houston based provider of electricity and smart energy services. As a Marketing Manager, she spent 12 years working with customers and consultants managing commodity price risk through electricity contracts in Texas and the Northeast. Most recently, Rachel led a national business development team for NRG Energy, a Fortune 200 energy company, where along with her team, she pursued partnerships for onsite/offsite solar, wind, community solar, energy efficiency and combined heat and power systems with Fortune 500 clients. Additionally, she worked with strategic partner firms in the energy efficiency sector to develop and implement sales acquisition strategies for thermal energy storage and evaporative pre-cooling solutions for utility programs in California. Rachel graduated with honors from Texas A&M University with a BBA in Marketing. Petros PACE Finance, LLC is the national leader in the C-PACE marketplace, dedicated solely to providing long-term C-PACE financing to commercial property owners seeking to lower energy costs, reduce their carbon footprint, and increase property values. Leadership has decades of executive-level experience in commercial lending and structured finance, with direct long-term institutional investor relationships. With billions in committed capital, Petros is able to close transactions in eligible C-PACE markets nationwide.