Columbus developer secures $3.5M in C-PACE financing for $20M Hyatt House

Petros PACE Finance LLC “closed a $3.5 million commercial property assessed clean energy (C-PACE) transaction” with Columbus developer Continental Hospitality Group (CHG) for the $20-million, 152-room Hyatt House in the Harrison West Founders Park development, Columbus Business First reports. This is the second project for which CHG has obtained C-PACE funding; the first was a $16.3-million transaction for a Marriott hotel project near The Ohio State University (see our December 14, 2018 blog post). In a news release announcing the deal, Petros PACE Finance CEO Mansoor Ghori said, “Ohio has emerged as one of the fastest growing C-PACE markets thanks to developers like Continental Hospitality Group, who are taking advantage of C-PACE as a low-cost source of capital that allows them to maximize the efficiency designs of their properties.” For more, read the full article and the full news release

Economic Development, Energy Efficiency, Project Finance, State Updates