PACE Loan Group recently closed a $13.82 million C-PACE loan for the 151-room conversion of a hotel into workforce housing in Kissimmee, FL. The borrower plans to complete the renovation and open the low-rise/garden apartment complex at 2950 Reedy Creek Blvd. by May 2024.
This loan was obtained through partnership with Florida Development Finance Corporation’s C-PACE Program, which allows property owners to finance their projects using special assessments on their property tax bill as repayment mechanisms. This is now the largest C-PACE for renovation/retrofit in Central Florida and third largest within FDFC’s program history overall.
In addition to PACE financing, Infiniti Loft Investors received a $9 million loan from regional bank after purchasing this vacant asset that had been completely gutted due to hurricane damage previously experienced by its interior spaces . Funds will be used towards energy conservation measures and renewable energy investments throughout project completion timeline .
