The picture-postcard worthy Lodge at St. Edward State Park is closing on $19 million in low-cost, long-term financing for key improvements. Those intended improvements include the Lodge’s working with Petros PACE Finance, LLC – a leading provider of Commercial Property Assessed Clean Energy (C-PACE).
The Lodge – a national historic landmark – is near Kenmore, Wash., which, in turn, is quite near Seattle. The Lodge at St. Edward State Park offers 84 rooms, full-service spa, inspired bars and restaurant, convenient meeting and event spaces, all nestled amid a lush 326-acre forest a short walk from the shores of Lake Washington.
The Lodge seems to have been in urgent need for repair, at least according to its owner: “The former seminary building had sat empty for over 40-years and it was estimated that it would cost over $15 million just to keep it from falling in on itself,” said Kevin Daniels, owner of the Lodge and Seattle-based Daniels Real Estate.
The term C-PACE is known nationally as a certain standard for projects, but in Washington state, the term C-PACER is King County’s program which adds “resiliency” to the C-PACE acronym.