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PACE Loan Group Provides $10M Financing for Alaska Hotel
PACE Loan Group recently completed the third tranche of C-PACER financing for The Aviator Hotel, a 250-room hotel currently being renovated in downtown Anchorage, Alaska.
With the latest round of $10 million, the hotel will have received $16.75 million in Commercial Property Assessed Clean Energy & Resilience (C-PACER) to support the renovation and upgrades to the 1970s-era hotel recently being used as transitional housing into a Class A hotel.
Once the renovation is complete in late 2024, the Aviator Hotel will have 250 rooms and suites, a retail store and coffee shop, a brewery, and a bar and restaurant with a year-round outdoor deck with views of Denali. PLG has placed two prior C-PACER assessments on this property totaling $6.5 million, and with this assessment, would hold $16.75 million of total C-PACER assessed against the property.
