June 13, 2024

Bayview PACE Provides $9.5 Million C-PACE Refinance for Transformed Sierra Nevada Resort & Spa near Lake Tahoe

Innovative combination of C-PACE funding complemented by USDA financing plays key role in  $69M rehab and addition of 30 private cabins for ‘new’ 180-key resort in Mammoth Lakes, CA


Coral Gables, FL and Mammoth Lakes, CA (June 2024) – Bayview PACE provided $9.5 million in C-PACE financing for redeveloping and expanding the now 180-key Sierra Nevada Resort & Spa, an Outbound Hotel located at 164 Old Mammoth Road in Mammoth Lakes, CA.


An innovative combination of the C-PACE funding along with $25 million from a USDA loan from First Bank of the Lake are key components of the $69 million capital stack of the transaction.


“Bayview’s C-PACE funding participation packaged with USDA financing provides a compelling, lower-cost solution compared to traditional loans from financial institutions,” said Jason Clouet of Bayview PACE.  “This hotel/hospitality project also illustrates the flexibility and benefits of C-PACE as essentially a refinance because C-PACE can be utilized up to three years after completion. C-PACE fills a gap by offering competitive terms for qualified improvements such as lighting, water systems, building envelope and other components. Whether packaged with sponsor equity, traditional construction loan, interim/bridge financing or USDA finance, it’s an ideal solution.”


The project sponsor recently completed a comprehensive $23 million renovation of the resort’s guest rooms, lobby, public spaces, and restaurant as well as installing an additional 30 prefabricated cabins as an alternative to home-sharing platforms. The unit mix is comprised of Resort Deluxe Rooms, Resort Fireplace Suites, Cabins and Resort Chalets.


The development plans also add a new parking lot, landscaping, a pool, hot tub, fire pits, green space, as well as a food garden, and an outdoor concierge, where a local retailer has been partnered with, to make accessing outdoor activities seamless.   The resort offers guest shuttle service to Mammoth Mountain which is a short five minute drive from the resort to the nearest gondola station.


The sponsor is a repeat borrower for Bayview which most recently closed on C-PACE financing for Outbound Yosemite Resort in November 2021.


“C-PACE works across the commercial real estate spectrum,” Clouet added. “Our end-to-end financing capabilities deliver a market-leading solution for commercial projects of all kinds, from student, senior and multi-family housing to industrial, hospitality, retail, office, mixed-use and more.”


Commercial Property-Assessed Clean Energy financing (C-PACE) offers favorable and cost-effective terms and can be applied to new construction as well as renovations. C-PACE funding is versatile and applicable across all commercial property types, for both new and recently completed properties depending on the local state C-PACE program, according to Bayview.


Information on Sierra Nevada Resort & Spa is available at www.outboundmammoth.com