Berkeley Hotel Project Scores Sector’s Largest C-PACE Deal of 2023
North Bridge closed a $50-million C-PACE refinancing for the Residence Inn Berkeley, a 331-key, full-service hotel in Berkeley. The company said the closing represents the largest C-PACE transaction for the hospitality industry in 2023 and the fourth largest C-PACE hotel financing to date.
The LEED Gold property opened in 2021 and was developed by the founders of Pyramid Global Hospitality. The financing was arranged by Lantern Real Estate Advisors. Prime Finance provided a mezzanine loan alongside a senior loan from a debt fund.
“Given the current lending environment, C-PACE represents an accretive, fixed rate financial solution that helps borrowers reduce their interest burden and complete their capital stack,” said CEO Laura Rapoport. “This transaction is a good example of how C-PACE can be used retroactively by borrowers for refinancing.”
Located one block from the University of California Berkeley campus, the Residence Inn Berkeley reportedly is Berkeley’s first ground-up hotel in 45 years.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).