Green Pace Financial, Inc. announced today that it has closed $18.5 Million in Commercial Property Assessed Clean Energy (C-PACE) financing for the Thompson Hotel and Tommie Hotel in Hollywood, California with industry leading hospitality developer, the Relevant Group.
The first $7.5 Million C-PACE funding closed in December 2018 on the construction of the 200-room luxury boutique Thompson Hotel which is centrally located on Wilcox, Avenue in Hollywood’s vibrant entertainment corridor. The Thompson is the ideal complement to Relevant Groups recent opening of the 176 room Dream Hotel, Hollywood. The second $12 Million C-PACE funding closed in May 2019 on another first introduction to Los Angeles, the lifestyle focused Tommie Hotel to include 212 rooms which will cater to both Entrepreneurs and Artists alike.
“We’re building these Hotels to capture the momentum and growth this neighborhood is experiencing but we are thinking long term too,” stated Warren Cruz, chief accounting officer of the Relevant Group. “Guests will see and experience luxury, but in LA, our buildings begin with the seismic event resistant structure and finish with green roof elements, LED lighting and top of the line environmental controls.”
About Green Pace Financial, Inc
Green Pace Financial, Inc. is a leading national commercial advisory firm focused on structuring complete capital stack solutions up to 90% Loan to Cost for Hotels, Multi-family, Mixed-Use and Commercial projects. Utilizing the CONSTRUCTION PLUS PACE program, the company represents its developer clients by negotiating the best PACE pricing and terms through an established national network of PACE providers. Green Pace Financial also utilizes its national network of construction lenders to negotiate the best senior construction loan combined with PACE resulting in the highest leverage, lowest interest, non-recourse construction financing solutions available in the industry. It’s President and Founder, Shawn Heyl stated that PACE is the ideal solution for commercial developers needing low cost capital combined with today’s energy saving and resilient improvements.