The Global Hospitality Group of Jeffer Mangels Butler & Mitchell LLP (JMBM) announced the completion of $172 million in C-PACE (Commercial Property Assessed Clean Energy) financing transactions for the year 2022. This total includes over $97 million in hotels and condos, more than $58 million in multifamily, and $16 million in senior living facilities.
C-PACE is a low-cost, nonrecourse financing that creates a lien on the real property and is repaid through property taxes. It first emerged as a technique for funding energy-efficiency improvements and has developed into a widely-accepted and practical solution to financing new construction and improvements across all real estate classes.
C-PACE has remained an available and attractive option for financing new construction projects as more traditional financing has been negatively impacted by rising interest rates and the current economic environment. Led by Partner David A. Sudeck, the Group counsels lenders in these transactions and represents some of the leading names in PACE financing. Since 2020, David and his team have been involved in over $400 million in C-PACE loans.
Some notable transactions completed by members of the Global Hospitality Group in 2022 include:
- Hotel Ava
- Location: Pasa Robles, CA
- Property Type: Hotel
- Size of C-PACE Loan: $24.6 million
- Tower Bridge Gateway
- Location: Sacramento, CA
- Property Type: Hotel
- Size of C-PACE Loan: $21.56 million
- Springhill Suites
- Location: Chula Vista, CA
- Property Type: Hotel
- Size of C-PACE Loan: $18 million
- Ventura Multifamily
- Location: Ventura, CA
- Property Type: Multifamily
- Size of C-PACE Loan: $22.3 million
- Temecula Senior Living Center
- Location: Temecula, CA
- Property Type: Senior Living
- Size of C-PACE Loan: $12.3 million
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