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REV Obtains C-PACE, Construction Financing for CO Hotel
X-Caliber Holdings closed its first Rural PACE-X transaction, a $26.3 million financing for the ground-up construction of a new hotel in Silverthorne, Colorado.
Upon completion, the 111-room hotel will be a Holiday Inn Express brand under IHG Hotel & Resorts and is being developed by REV Development.
The financing consists of $20 million of conventional senior-secured financing through an affiliate of X-Caliber Rural Capital and $6.3 million of Commercial Property Assessed Clean Energy (C- PACE) financing through CastleGreen Finance.
The conventional funds are intended to provide construction-through-stabilization financing for up to five years. C-PACE funds are intended to be long-term but are prepayable at the borrower’s discretion.
Silverthorne’s new Holiday Inn Express is anticipated to open in 2025.
REV Development specializes in mixed-use developments which often include hotel or multi-family components. Over the past five years, the principals of REV Development have developed or co-developed over 15 hotels and a combined $300 million in development.
- ◦Development
- ◦Financing
