Bayview PACE recently provided $9.5 million in C-PACE financing for the redevelopment and expansion of Sierra Nevada Resort & Spa, an Outbound Hotel located at 164 Old Mammoth Road in Mammoth Lakes. The project received a total capital stack of $69 million, including the C-PACE funding and a $25-million USDA loan from First Bank of the Lake.
According to Jason Clouet from Bayview PACE, their participation in providing C-PACE funding along with USDA financing offers a cost-effective solution compared to traditional loans from financial institutions. This hospitality project also showcases the flexibility and advantages of utilizing C-PACE as it can be utilized up to three years after completion. By offering competitive terms for qualified improvements such as lighting, water systems, building envelope and other components, C-PACE fills a gap that traditional loans may not cover.
The sponsor behind this project has recently completed an extensive renovation worth $23 million on guest rooms, lobby areas,and public spaces at Sierra Nevada Resort & Spa.They have also added 30 prefabricated cabins as an alternative option for home-sharing platforms.The resort boasts various types of accommodations including Resort Deluxe Rooms,resort Fireplace Suites,Cabins,and Resort Chalets.This successful redevelopment is yet another example showcasing how Bayview’s involvement throughC-
