PACE Equity announced the funding of a $63.3 million mid-construction recapitalization using long-term, fixed-rate C-PACE financing for the SkyRidge Resort, a hospitality and mixed-use development in Deer Valley, Utah.Â
The $63.3 million C-PACE financing covers about 42% of the loan-to-cost funding for the completion of the lodge, clubhouse, and related resort amenities. By integrating C-PACE into the capital stack mid-construction, the developers achieved a lower overall weighted average cost of capital while they covered the remaining construction expansion. The developer also qualified for PACE Equity’s proprietary CIRRUS Low Carbon certification, securing lower financing rates and additional energy savings by incorporating high-performance upgrades to the building envelope, electrical systems, HVAC, lighting, and plumbing.
Anchoring the community, the Stelle Lodge will be a six-story luxury resort offering a mix of ownership and transient upscale lodging. The Stelle will offer inspired dining with a rooftop bar, an immersive spa, and golf.
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