North Bridge, in partnership with Lantern Real Estate Advisors, successfully facilitated a $50 million C-PACE refinancing for the Residence Inn Berkeley in California. This deal stands as the fourth-largest C-PACE transaction within the hotel industry for 2023. The property holds a LEED Gold certification and was opened in 2021 under development by Pyramid Global Hospitality. With this refinancing, Pyramid Global Hospitality can optimize their capital structure and decrease their weighted average cost of capital.
According to Laura Rapaport, founder and CEO of North Bridge, “C-PACE offers borrowers an advantageous fixed-rate financial solution amidst current lending conditions that helps reduce interest expenses and complete their capital stack.” This particular transaction serves as a prime example of how borrowers can utilize C-PACE retroactively for refinancing purposes.
