Bayview Provides C-PACE to Redevelop Mammoth Lakes Resort

Bayview PACE has provided $9.5 million in C-PACE financing for redeveloping and expanding the now 180-key Sierra Nevada Resort & Spa, an Outbound Hotel located at 164 Old Mammoth Rd. in Mammoth Lakes. The C-PACE funding and a $25-million USDA loan from First Bank of the Lake are key components of the $69-million capital stack of the transaction.

“Bayview’s C-PACE funding participation packaged with USDA financing provides a compelling, lower-cost solution compared to traditional loans from financial institutions,” said Jason Clouet of Bayview PACE.  “This hotel/hospitality project also illustrates the flexibility and benefits of C-PACE as essentially a refinance because C-PACE can be utilized up to three years after completion. C-PACE fills a gap by offering competitive terms for qualified improvements such as lighting, water systems, building envelope and other components.”

The project sponsor recently completed a comprehensive $23-million renovation of the resort’s guest rooms, lobby, public spaces and restaurant, and installed an additional 30 prefabricated cabins as an alternative to home-sharing platforms. The unit mix is comprised of Resort Deluxe Rooms, Resort Fireplace Suites, Cabins and Resort Chalets.