GreenRock Capital and Petros PACE Finance have successfully secured $62.6 million in financing for the construction of a new hotel project in Healdsburg, located at 101 Dovetail. The development will be undertaken by CCS Healdsburg Hotel, LLC, a partnership between Comstock Development Company, Wine Country Holdings and HVH Investment.
Expected to open in 2025 as part of the North Village mixed-use master plan two miles north of downtown Healdsburg, this project is an excellent example of how developers can utilize C-PACE financing to supplement their capital stack with sustainable and innovative funding options. According to Mansoor Ghori, CEO and founder of Petros PACE Finance: “C-PACE is no longer considered alternative or niche financing but has emerged as a mainstream solution for funding across all property types.”
The success of this project highlights the growing popularity and effectiveness of C-PACE as a viable option for commercial real estate development needs. It also showcases how sophisticated developers are utilizing it to meet their complex financial requirements while promoting sustainability within the industry.
