Skip to content

Search

Latest Stories

Stonehill PACE provides $16.3 million C-PACE loan to Washington state project

The financing is distributed over a 30-year term and funds lighting, covered process, seismic and qualifying soft costs

Stonehill PACE provides $16.3 million C-PACE loan to Washington state project

STONEHILL PACE, THE Property Assessed Clean Energy financing division of Stonehill, has provided $16.3 million in its first commercial property assessed clean energy (C-PACE) financing in Washington, a statement said. The loan is for the Cornus House, a new 199-unit multifamily project with 1,233 square feet of retail development in Tacoma, Washington.

The C-PACE financing is over a 30-year term and will fund lighting, covered process, seismic and qualifying soft costs, according to Stonehill PACE. The project development is expected to start before the year end and is scheduled to be finished by Nov. 1, 2024.


“For eligible projects, C-PACE financing remains one of the more attractive venues to get a project over the finish line,” said Jared Schlosser, Stonehill’s senior vice president and head of Stonehill PACE. “The Cornus House is a great project in a strong market led by a savvy ownership group with 30-plus years of commercial real estate experience and a portfolio of more than 800 apartments. This C-PACE financing is the final piece to complete the financing puzzle.”

In February, Stonehill PACE completed approximately $150 million in commercial property assessed clean energy (C-PACE) loans over the previous 12 months. The loans can be applied to renewable energy and energy-efficient components and seismic retrofitting within the hospitality, multifamily, senior living, industrial and mixed-use real estate sectors.

Last month, Stonehill CRE, the commercial real estate group of the firm, originated and purchased $200 million in first mortgage loans since being launched in the second quarter of 2022. Stonehill, led by Matthew Crosswy as president and principal, is a division of Atlanta-based Peachtree Group, led by Jatin Desai and Mitul Patel as managing principals, Greg Friedman as managing principal and CEO.

During the recent Lodging Conference in Phoenix, members of Peachtree’s leadership team released the latest numbers for its development pipeline. By the end of this year, it expects to have opened or broken ground on 15 hotels, primarily select service, adding 1,500 rooms, and was expecting to reach a development record.

More for you

AHLA members meet with U.S. lawmakers to discuss key hospitality legislation impacting hotel owners and workers

AHLA shares priorities with lawmakers

AHLA Members Unite on Capitol Hill to Advance Hospitality Legislation

MORE THAN 250 American Hotel & Lodging Association members met with lawmakers in the U.S. Senate and House to discuss legislative priorities critical to the hospitality industry. They raised concerns about tax and trade policies impacting hotel operating costs and travel demand amid ongoing budget reconciliation and tax negotiations.

Members also discussed expanding and upskilling the hospitality workforce through measures such as adjusting the H-2B visa cap and protecting the franchise model, which supports more than half of all U.S. hotels and 2.8 million jobs, the association said in a statement.

Keep ReadingShow less
CBRE: US Hotel RevPAR to Grow 1.3 Percent in 2025

CBRE: RevPAR to grow 1.3 percent in 2025

U.S. HOTEL REVPAR is expected to grow 1.3 percent in 2025, supported by urban markets from group and business travel and increased demand for drive-to and regional leisure destinations, according to CBRE. Occupancy is forecast to rise 14 basis points and ADR 1.2 percent year-over-year.

This represents slower growth than CBRE’s February forecast, which projected 2 percent RevPAR growth based on a 21-basis-point increase in occupancy and a 1.6 percent rise in ADR, the commercial real estate and investment firm said.

Keep ReadingShow less
AHLA ForWard Conference 2025 held in Atlanta

ForWard Conference held in Atlanta

NEARLY 1,000 HOSPITALITY professionals attended the AHLA Foundation’s ForWard Conference at the Hyatt Regency in Atlanta. With a theme centered on recognizing, accessing and amplifying power designed to elevate women in hospitality, the two-day event included professional development and networking opportunities.

The conference featured speakers from across the hospitality industry and adjacent industries. They included Jennifer Hyman, CEO and co-founder of Rent The Runway; Lamiaa Laurene Daif, worldwide strategy leader at Apple; and Grammy-nominated songwriter Makeba Riddick.

Keep ReadingShow less