Chicago & Midwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Chicago’s First C-PACE Funding Goes to Hotel Redevelopment
Counterpointe Sustainable Real Estate (SRE) closed on what’s reportedly Chicago’s C-PACE program financing. It provided $21.25 million in private capital to an affiliate of The Prime Group toward redevelopment of five vacant floors of the historic 208 S. LaSalle St. into a 233-key luxury boutique hotel.
The hotel will be operated as The Reserve Hotel, and will be a member of Marriott’s Autograph Collection.
The C-PACE funding will support energy-efficient infrastructure investments at the new hotel including HVAC, windows, lighting, and elevator elements as well as water-conserving low-flow fixtures.
“We look at this transaction as a sign of things to come for the nation’s larger cities, including Philadelphia and New York, where programs are emerging,” said Eric J. Alini, managing partner of Counterpointe SRE.
Union Labor Life Insurance Company is the senior lender on the Reserve project, providing the first mortgage and construction loan.
Subscribe to Connect Daily Chicago
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
