Matthew McCormack, Senior Vice President of PACE Loan Group, successfully arranged a $6.2 million C-PACE loan as part of the $32.8 million refinancing for Northbrook Marriott in Northbrook, Illinois. The C-PACE loan was retroactively paid back for improvements completed between 2019 and 2022 through the city-managed PACE funding entity under the Illinois Finance Authority’s PACE Program.
PACE Loan Group expertly handled underwriting and origination while also servicing the loan. These improvements included roofing and insulation, weatherization, HVAC upgrades, and plumbing enhancements that are projected to save $1 million in annual operating expenses at this Renaissance brand hotel with 391 rooms located near Northwestern University campus.
According to McCormack: “C-PACE continues to be an excellent solution for providing liquidity in today’s challenging market. By utilizing the lookback period option, we were able to increase returns for our borrower by reducing their cost of capital.” This successful recapitalization has been reported on Connect CRE.
