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North Bridge Closes $50M C-PACE Refi
North Bridge, in collaboration with Lantern Real Estate Advisors, facilitated a $50 million C-PACE refinancing for the Residence Inn Berkeley in California.
This transaction marks the fourth-largest C-PACE deal in the hotel sector for 2023. The LEED Gold-certified property opened in 2021, and its development was spearheaded by Pyramid Global Hospitality. The refinancing enables Pyramid Global Hospitality to optimize the hotel’s capital structure and reduce its weighted average cost of capital.
“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. This transaction is a good example of how C-PACE can be used retroactively by borrowers for refinancing,” said Laura Rapaport, founder and CEO of North Bridge.
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- ◦Financing
