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Phoenix & Southwest  + Southwest  + Hospitality  | 
Largest Commercial Property Assessed Clean Energy also known as a C-PACE loan goes to Black Desert Report, Utah

Utah Resort Receives Record C-PACE Financing

Petros PACE Finance (Petros), closed on a record $153 million C-PACE financing as part of the $820 million, 580-acre development, Black Desert Resort Project in Ivins, Utah. Located near Zion National Park, Phase 1 of Black Desert Resort will include a luxury resort hotel, approximately 1,000 condos, 190,000 square feet of retail, restaurants, and commercial space, 25,000 square feet of event space, a full clubhouse, and a Tom Weiskopf-designed 19-hole golf course.

The development is currently under construction and upon completion will be the largest hospitality offering in the state of Utah. Phase I of the project is set to open in the fall of 2024.

Commercial Property Assessed Clean Energy (C-PACE) is a recognized financing mechanism for energy efficiency, water efficiency, renewable energy and resilience projects. Project sponsor Reef Capital Partners Patrick Manning had this, “We believe Black Desert Resort will be the most environmentally friendly resort ever built, with Reef spending more than $200 million dollars on project components that are more environmentally friendly than the law requires.”

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Inside The Story

Patrick Manning

About Mike Boyd

Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.

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