PACE Loan Group recently closed a $13.82 million C-PACE loan for the conversion of a 151-room 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.
Partnering with Florida Development Finance Corporation’s C-PACE Program, PACE Loan Group was able to provide financing using a special assessment on property tax bills as repayment mechanism – making this loan one of the largest C-PACE loans for renovations/retrofits in Central Florida and third largest in FDFC’s history overall. A $9.1 million loan from regional bank was also included within this financing package when Infiniti Loft Investors purchased what had been an empty, nonoperational asset following its gutting after hurricane damage occurred previously .
The PACE proceeds will be used towards energy conservation measures and renewable energy investments at this location .
$13.8 Million Loan Closes for Hotel Conversion to Workforce Housing Near Disney
