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BNY Mellon Appointed Trustee in Second-Largest Commercial Property Assessed Clean Energy (C-PACE) Loan


BNY Mellon, a global leader in investment management and investment services, announced today that it has been appointed trustee for nearly $24 million in financing for the largest clean energy program loan made in Texas and the second largest in the nation.

The Butler Brothers Building, a 1910 landmark in downtown Dallas, is being converted into a mixed-use project with apartments and commercial space with financing from CleanFund Commercial PACE Capital.

C-PACE financing allows developers to secure 100% of a project’s eligible costs upfront, repaid with an assessment added to the property’s tax bill. It can eliminate upfront costs for new heating and cooling systems, lighting improvements, solar panels, water pumps, insulation, seismic strengthening, storm proofing and other improvements, depending on C-PACE program eligibility requirements. State and local governments sponsor C-PACE programs, financed by private capital providers, to create new jobs, promote development, revitalize infrastructure, improve public safety, and protect the environment.

BNY Mellon worked closely with CleanFund Commercial PACE Capital Inc., the City of Dallas, the Texas PACE Authority, the Public Finance Authority and Dallas law firm Munsch Hardt Kopf & Harr, P.C. to close the transaction.

“CleanFund developed a creative financing structure for this high-impact Dallas project, one which required the kind of innovative approach that BNY Mellon was especially qualified to handle,” said Jerry Sullivan, BNY Mellon Corporate Trust. “We finalized our Trusteeship and closed the transaction within two weeks. We used our robust and accelerated Know Your Customer (KYC) platform to accelerate compliance across counterparties seamlessly.” 

CleanFund recognized that BNY Mellon was key to the ambitious bond issuance. “Without the impressive capabilities that BNY Mellon brought to the table, we would have been facing a major delay in completing this transaction,” said Josh Smith, CleanFund’s senior transaction counsel, who worked to structure the transaction.  “We found the BNY Mellon team to be extremely responsive and easy to work with.”

Projected benefits of the financed project include:

  • Saving more than 6.6 million Kilowatt hours per year in electricity
  • Saving almost 700,000 gallons of water per year
  • Saving over 3,500 metric tons of CO2 per year
  • Contributing to the creation of over 100 new jobs in the Dallas area

“BNY Mellon is proud to contribute, to a cleaner, greener world with its corporate trust services,” continued Sullivan.

To learn more about BNY Mellon Corporate Trust, please visit our website.

BNY Mellon is the premier provider of corporate trust services to the debt capital markets, providing customized and market-driven solutions to investors, bondholders and lenders. As of June 30, 2017, BNY Mellon Corporate Trust served as trustee and/or paying agent on more than 55,000 debt-related issues globally. The corporate trust business utilizes its global footprint and expertise to deliver a full range of issuer and related investor services including trustee, paying agency, fiduciary, escrow, and other financial services. The business administers a wide array of assets and types of programs to multinational corporations, financial institutions, governments and their agencies, and the banking, securities, and insurance industries.

BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment management and investment services in 35 countries and more than 100 markets. As of June 30, 2017, BNY Mellon had $31.1 trillion in assets under custody and/or administration, and $1.8 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on

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