Over the past five years, PACE financing has gained wider acceptance, and moved from a novel technique to a mainstream practical solution for financing. For more background on what Commercial PACE financing (or C-PACE financing) is, why it can be attractive, why it is becoming more popular and how JMBM's attorneys can help, see PACE Financing – Now an accepted tool for hotel lenders and borrowers.
Now that New York City has released guidelines for PACE financing, there are even more opportunities to make the most of this strategy– see our post on the upcoming rules here.
David Sudeck and his team at the Global Hospitality Group® at Jeffer, Mangels, Butler & Mitchell LLP handled a $42 million PACE loan for the 315-room citizenM hotel in Downtown Los Angeles. The property includes a restaurant, meeting space, and a 24-hour fitness center.
photo: citizenm.com
Hotel: citizenM Los Angeles Downtown
Location: Downtown Los Angeles, CA
Size of PACE Loan: $42 million
How we can help with PACE financing
PACE lending has become an important and fast-growing sub-specialty in our hotel finance capabilities. We work with PACE providers/lenders and borrowers. In fact, we have been fortunate enough to work with one of the leading providers of PACE financing as they expand their national platform.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
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