Bayview PACE provided $42.5MM retroactive PACE financing for a recently constructed hotel in Arcadia, CA.

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Description

The Le Meridien Hotel completed construction in Spring of 2021 during the Covid-19 Pandemic. The construction loan’s maturity date was quickly approaching, and the asset needed additional time to reach stabilization before going to the permanent financing market. The availability and cost of bridge financing at this time was challenging. The borrower had limited options.

Pace In Action

Thanks to energy-efficient improvements featured in the property, Le Meridien met the eligibility requirements needed to qualify for CPACE financing. Bayview PACE allowed the borrowers to refinance $42 million at a low fixed rate and long-term, giving them significantly more time to stabilize the property and fund the project on their terms.

Financing from Bayview C-PACE, a division of Silver Hill Funding, LLC, saved the owners a significant amount of money during a time when equity was precious and leverage even more scarce. Le Meridien Hotel will join other commercial buildings across the country that are adopting energy-efficient methods to reduce carbon emissions, improve the efficiency and value of their properties, utilizing flexible and low cost financing from Bayview PACE.