PACE Equity announces Richmond leader

Wisconsin-based PACE Equity, which specializes in commercial property assessed clean energy (C-PACE) financing for development projects, expanded its team this month with the addition of Steve Farbstein as Richmond‘s originations leader.

PACE Equity announced Farbstein’s appointment in May, and he began his new role on June 9. He is the company’s first representative for the Richmond area. In this role, he will manage its portfolio in the region, working closely with developers and ensuring that projects progress.

Farbstein has more than 30 years of experience in the banking industry, and most recently was the chief revenue and development officer at Blue Ridge Bank in Richmond, where he led the bank’s fee income lines of business following its merger with Bay Banks of Virginia.

“Steve’s leadership will help strengthen PACE Equity’s role as a national leader in commercial PACE financing,” Beau Engman, the company’s president and founder, said in a statement. “His passion for leadership and community impact as well as deep industry expertise will help grow PACE Equity’s presence in the Richmond area.”

Farbstein’s previous senior leadership roles include vice president of business development at Cornerstone RPO and head of mortgage banking at both Park Sterling Bank (now South State Bank) and StellarOne Bank.

Headquartered in Milwaukee, PACE Equity has funded C-PACE projects nationwide and helped spur over $6.3 billion in energy-efficient commercial development while eliminating more than 1.4 million metric tons of carbon.