Amalgamated Bank Partners with Allectrify to Close First Adjustable-Rate C-PACE Transaction in Oklahoma County
Amalgamated Bank (Nasdaq: AMAL) has successfully closed the first adjustable-rate financing under the Oklahoma County C-PACE Program for the Alley North Office development, utilizing Allectrify's FASTPACE Platform. The project will create Oklahoma's first multi-story mass timber office building, serving as headquarters for C.H. Guernsey & Company.
The C-PACE financing will specifically fund a high-efficiency glazing system to enhance the building's energy efficiency by maximizing natural light while reducing heating and cooling demands. The development, located in Oklahoma City's historic 'Automobile Alley,' is positioned along a planned regional transit line.
This groundbreaking transaction marks the first adjustable-rate C-PACE deal in Oklahoma County, featuring an interest rate that resets at predetermined intervals. The partnership between Amalgamated Bank and Allectrify's FASTPACE platform aims to facilitate more C-PACE deals, supporting commercial property owners in implementing energy performance, resiliency, and water conservation improvements.
Amalgamated Bank (Nasdaq: AMAL) ha chiuso con successo il primo finanziamento a tasso variabile nell'ambito del Programma C-PACE della Contea di Oklahoma per lo sviluppo dell'Alley North Office, utilizzando la piattaforma FASTPACE di Allectrify. Il progetto creerà il primo edificio per uffici in legno massiccio a più piani in Oklahoma, che servirà come sede per C.H. Guernsey & Company.
Il finanziamento C-PACE finanzierà specificamente un sistema di vetratura ad alta efficienza per migliorare l'efficienza energetica dell'edificio massimizzando la luce naturale e riducendo le esigenze di riscaldamento e raffreddamento. Lo sviluppo, situato nel quartiere storico 'Automobile Alley' di Oklahoma City, è posizionato lungo una linea di transito regionale pianificata.
Questa transazione innovativa segna il primo accordo C-PACE a tasso variabile nella Contea di Oklahoma, con un tasso d'interesse che si ripristina a intervalli prestabiliti. La partnership tra Amalgamated Bank e la piattaforma FASTPACE di Allectrify mira a facilitare ulteriori accordi C-PACE, supportando i proprietari di immobili commerciali nell'implementazione di miglioramenti in termini di prestazioni energetiche, resilienza e conservazione dell'acqua.
Amalgamated Bank (Nasdaq: AMAL) ha cerrado con éxito el primer financiamiento a tasa ajustable bajo el Programa C-PACE del Condado de Oklahoma para el desarrollo de Alley North Office, utilizando la plataforma FASTPACE de Allectrify. El proyecto creará el primer edificio de oficinas de madera maciza de varios pisos en Oklahoma, que servirá como sede para C.H. Guernsey & Company.
El financiamiento C-PACE financiará específicamente un sistema de acristalamiento de alta eficiencia para mejorar la eficiencia energética del edificio maximizando la luz natural y reduciendo las demandas de calefacción y refrigeración. El desarrollo, ubicado en el histórico 'Automobile Alley' de Oklahoma City, está posicionado a lo largo de una línea de tránsito regional planificada.
Esta transacción innovadora marca el primer acuerdo C-PACE a tasa ajustable en el Condado de Oklahoma, con una tasa de interés que se restablece en intervalos predeterminados. La asociación entre Amalgamated Bank y la plataforma FASTPACE de Allectrify tiene como objetivo facilitar más acuerdos C-PACE, apoyando a los propietarios de propiedades comerciales en la implementación de mejoras en el rendimiento energético, la resiliencia y la conservación del agua.
아말가메이티드 뱅크 (Nasdaq: AMAL)는 알렉트리파이의 FASTPACE 플랫폼을 활용하여 오클라호마 카운티 C-PACE 프로그램에 따라 앨리 노스 오피스 개발을 위한 첫 번째 변동 금리 자금을 성공적으로 마감했습니다. 이 프로젝트는 오클라호마 최초의 다층 대량 목재 사무실 건물을 만들며, C.H. Guernsey & Company의 본사가 될 것입니다.
C-PACE 자금은 건물의 에너지 효율성을 높이기 위해 자연광을 극대화하고 난방 및 냉방 수요를 줄이는 고효율 유리 시스템을 구체적으로 자금을 지원합니다. 오클라호마 시티의 역사적인 '자동차 거리'에 위치한 이 개발은 계획된 지역 대중교통 노선에 위치하고 있습니다.
이 획기적인 거래는 오클라호마 카운티에서 첫 번째 변동 금리 C-PACE 거래를 의미하며, 미리 정해진 간격으로 재설정되는 이자율을 특징으로 합니다. 아말가메이티드 뱅크와 알렉트리파이의 FASTPACE 플랫폼 간의 파트너십은 에너지 성능, 회복력 및 물 보존 개선을 구현하는 데 있어 상업용 부동산 소유자를 지원하여 더 많은 C-PACE 거래를 촉진하는 것을 목표로 하고 있습니다.
Amalgamated Bank (Nasdaq: AMAL) a réussi à conclure le premier financement à taux variable dans le cadre du programme C-PACE du comté d'Oklahoma pour le développement de l'Alley North Office, en utilisant la plateforme FASTPACE d'Allectrify. Le projet créera le premier bâtiment de bureaux en bois massif à plusieurs étages en Oklahoma, qui servira de siège pour C.H. Guernsey & Company.
Le financement C-PACE financera spécifiquement un système de vitrage haute efficacité pour améliorer l'efficacité énergétique du bâtiment en maximisant la lumière naturelle tout en réduisant les besoins en chauffage et en climatisation. Le développement, situé dans le quartier historique 'Automobile Alley' d'Oklahoma City, est positionné le long d'une ligne de transport régional prévue.
Cette transaction novatrice marque le premier accord C-PACE à taux variable dans le comté d'Oklahoma, avec un taux d'intérêt qui se réinitialise à des intervalles prédéterminés. Le partenariat entre Amalgamated Bank et la plateforme FASTPACE d'Allectrify vise à faciliter davantage d'accords C-PACE, en soutenant les propriétaires de biens commerciaux dans la mise en œuvre d'améliorations en matière de performance énergétique, de résilience et de conservation de l'eau.
Amalgamated Bank (Nasdaq: AMAL) hat erfolgreich die erste Finanzierung mit variablem Zinssatz im Rahmen des C-PACE-Programms des Oklahoma County für die Alley North Office-Entwicklung abgeschlossen und dabei die FASTPACE-Plattform von Allectrify genutzt. Das Projekt wird das erste mehrstöckige Massivholz-Bürogebäude in Oklahoma schaffen und als Hauptsitz für C.H. Guernsey & Company dienen.
Die C-PACE-Finanzierung wird speziell ein hocheffizientes Verglasungssystem finanzieren, um die Energieeffizienz des Gebäudes zu verbessern, indem maximales Tageslicht genutzt und die Heiz- und Kühlanforderungen reduziert werden. Die Entwicklung befindet sich im historischen 'Automobile Alley' von Oklahoma City und liegt entlang einer geplanten regionalen Verkehrsachse.
Diese bahnbrechende Transaktion markiert das erste C-PACE-Geschäft mit variablem Zinssatz im Oklahoma County, das einen Zinssatz aufweist, der in festgelegten Intervallen zurückgesetzt wird. Die Partnerschaft zwischen Amalgamated Bank und der FASTPACE-Plattform von Allectrify zielt darauf ab, weitere C-PACE-Geschäfte zu erleichtern und gewerbliche Immobilienbesitzer bei der Umsetzung von Energieeffizienz-, Resilienz- und Wassererhaltungsverbesserungen zu unterstützen.
- First-mover advantage in Oklahoma County's adjustable-rate C-PACE financing market
- Strategic expansion of sustainable financing services through Allectrify partnership
- Strengthening position in commercial property energy improvement financing
- None.
Insights
Amalgamated Bank's expansion into adjustable-rate C-PACE financing in Oklahoma County represents a strategic move to diversify their lending portfolio while maintaining alignment with their sustainability mission. This first-of-its-kind transaction in the region demonstrates AMAL's ability to innovate within specialized financing markets.
The adjustable-rate structure is particularly noteworthy as it offers flexibility that could make C-PACE financing more attractive to commercial property developers who might otherwise hesitate at fixed-rate long-term commitments in today's fluctuating interest rate environment. By partnering with Allectrify and utilizing their FASTPACE platform, Amalgamated gains technological efficiency that could reduce transaction costs and accelerate deal execution.
While this single transaction won't significantly impact Amalgamated's balance sheet given the bank's
The development of expertise in adjustable-rate C-PACE structures also creates a competitive advantage that could be replicated across other markets where Amalgamated operates, potentially generating a steady pipeline of similar transactions that align with both their values and profit objectives.
This transaction highlights Amalgamated's strategic positioning within the rapidly evolving C-PACE financing landscape. By introducing adjustable-rate structures to the Oklahoma market, Amalgamated is addressing a significant barrier to C-PACE adoption - the traditional fixed-rate approach that sometimes deterred borrowers concerned about long-term interest rate exposure.
The project itself exemplifies the expanding scope of C-PACE beyond straightforward energy efficiency to include innovative construction methods. The mass timber office building represents next-generation sustainable construction, with the high-efficiency glazing system directly supported by this financing mechanism. Mass timber buildings typically have
Amalgamated's partnership with Allectrify's FASTPACE platform signals a maturation in the C-PACE market toward more streamlined execution and standardization. This technological approach potentially reduces the historically high transaction costs associated with C-PACE deals, making the financing vehicle viable for a broader range of projects.
For commercial developers like those behind the Alley North project, the availability of this specialized financing supports the economic case for high-performance building elements that might otherwise be value-engineered out of projects. The glazing systems funded through this mechanism typically deliver ongoing operational savings through reduced HVAC loads while improving occupant comfort and productivity - benefits that align with the building's human-centered design principles.
OKLAHOMA CITY, April 02, 2025 (GLOBE NEWSWIRE) -- Amalgamated Bank, a subsidiary of Amalgamated Financial Corp. (Nasdaq: AMAL), today announced the successful closing on the first adjustable-rate financing under the Oklahoma County C-PACE Program for the Alley North Office development, using Allectrify’s FASTPACE Platform for C-PACE financing.
The development is a marquee project in the Alley North redevelopment district, the site of Oklahoma City’s historic “Automobile Alley.” The building will be the first multi-story mass timber office building in the state and will help anchor the new mixed-use district, strategically located along a planned regional transit line. The building will serve as the headquarters for C.H. Guernsey & Company, a leading diversified engineering, architectural, and consulting services firm.
Amalgamated Bank’s C-PACE financing will fund the high-efficiency glazing system which will support the overall efficiency of the building once completed. The incorporation of glass and windows with high-efficiency glazing helps maximize natural light while reducing heating and cooling energy demand. More broadly, the project emphasizes sustainability and incorporates human-centered design principles to support occupants’ health and well-being.
"This is a great example of expertise and ingenuity working in concert to facilitate the first adjustable-rate C-PACE deal in Oklahoma County," said Sam Brown, Chief Banking Officer at Amalgamated Bank. "As part of our ongoing partnership with Allectrify, we look forward to successfully executing more C-PACE deals, providing borrowers with a financial product that allows the implementation of proven methods for reducing energy consumption in new construction."
“We are thrilled to have closed this innovative development project on our FASTPACE platform with Amalgamated Bank. FASTPACE offers borrowers greater flexibility and more efficient execution for projects of all sizes,” said Colin Bishopp, Allectrify CEO. “The Alley North Office development is a prime example of this capability. We are proud to support the first adjustable-rate financing in Oklahoma County, providing unique flexibility for transaction parties, for a project of this caliber and impact.”
C-PACE (Commercial Property Assessed Clean Energy) financing supports long-term, competitive financing for commercial property owners investing in building energy performance, resiliency, and water conservation. This is the first project closed in Oklahoma County to incorporate the adjustable-rate structure, which enables the interest rate to reset at predetermined intervals.
About Amalgamated Bank:
Amalgamated Bank, the wholly owned banking subsidiary of Amalgamated Financial Corp. (Nasdaq: AMAL), is a mission-driven New York-based full-service commercial bank and a chartered trust company with a combined network branches in New York City, Washington D.C., San Francisco, and Boston. Amalgamated Bank provides commercial and retail banking products, investment management and trust and custody services, and lending services. Since their founding in 1923, Amalgamated Bank is diligent in fulfilling their mission to be America’s socially responsible bank, empowering organizations and individuals to advance positive change. The businesses that Amalgamated Bank focus' on are generally mission aligned with our core values, including sustainable companies, clean energy, nonprofits, and B Corporations. www.amalgamatedbank.com.
About Allectrify, PBC:
C-PACE made simple for lenders and borrowers. Allectrify’s FASTPACE platform enables banks, credit unions, CDFIs and non-bank lenders to offer C-PACE financing quickly and easily, at no cost to the lender and with reduced transaction costs for borrowers. Through Allectrify’s network of FASTPACE lenders, borrowers can access C-PACE financing for projects of all sizes. https://allectrify.com/.
Contact Information:
Ayele Ajavon
For Amalgamated Bank
929-979-5811
media@amalgamatedbank.com
Lainie Rowland
For Allectrify
973-908-9304
lainie@allectrify.com
FAQ
What is the significance of AMAL's first adjustable-rate C-PACE transaction in Oklahoma County?
How will AMAL's C-PACE financing benefit the Alley North Office development?
What makes the Alley North Office project unique in Oklahoma's real estate landscape?
How does AMAL's partnership with Allectrify's FASTPACE platform work?
