Bayview PACE has provided a $19.8-million Commercial PACE (C-PACE) financing for a new 140-room hotel starting construction in Oakhurst, CA, just outside Yosemite National Park. The hotel is a development of Chicago-based Waterton, along with equity partner Argosy Real Estate of Wayne, PA.
The Outbound Yosemite Resort project involves the expansion and redevelopment of an existing 13-room hotel and eight contiguous parcels. When complete, the resort will include 135 luxury accommodations consisting of suites, standard rooms and cabins plus a full restaurant and bar, meeting spaces, a lobby-workstation area, an outdoor pool/whirlpool and an outdoor seating area with fire pit. An additional five housing units are designated for workforce housing for local/area workers.
Outbound Yosemite Resort will be close to Yosemite National Park and other outdoor attractions of the Sierra Nevada Mountains. The general contractor for the hotel is Fresno, CA-based Quiring General LLC. The hotel operator will be Springboard Hospitality.
“We are excited to provide C-PACE financing that can support the business objectives of great project sponsors like Waterton and Argosy,” said Jason Clouet, VP, Bayview PACE. “Bayview PACE is a market leader in offering C-PACE financing that provides borrowers ultimate flexibility, certainty of execution, and highly competitive terms.”
Commercial Property-Assessed Clean Energy (C-PACE) financing offers favorable and cost-effective terms for qualified improvements in energy, lighting, water systems, building envelope and other resiliency components, and it can be applied to new construction and renovations. C-PACE has been approved through legislation in 38 states.
