Twain Financial Partners announced the successful financing of $40 million in Commercial Property-Assessed Clean Energy (C-PACE) Financing to a confidential Los Angeles-based hotel developer. This deal is the third-largest C-PACE loan in U.S. history. This project is the result of a collaborative venture between Twain and Pacific Southwest Realty Services (PSRS), who served as broker on this transaction.
The project is a mixed-use development located in LA County that consists of a 225-room hotel, 87 managed apartments, and 41,000 square feet of retail space. Construction initially began in 2017. The impact of the COVID-19 pandemic at the end of Q1 2020 resulted in a need for outside capital to bring the project to completion.
“I am particularly proud of this deal because of the immense value we were able to provide to our client during a challenging time in world history,” said Jason Roth, Vice President at PSRS. “This deal required a collaborative effort with Twain and other third parties and will ultimately result in the completion of what will be a consequential project. I would like to provide thanks to everyone involved with this transaction and look forward to working with them in the future.”
“Twain is pleased to announce the closing of C-PACE Financing on this project,” said Fran Faulknor, Business Development Officer at Twain. “The successful funding of a hospitality asset in the current environment showcases Twain’s unique ability to structure creative capital solutions for challenged assets in the current market. We are grateful for our partnership with PSRS and look forward to working with them again.”
PSRS is one of the largest privately held commercial real estate finance companies in the western United States. Established in 1972, PSRS has closed financing transactions across the United States from offices located in San Diego, Los Angeles, Irvine, Santa Barbara and Las Vegas. Each office is staffed with industry professionals to evaluate financing requirements and to offer financing solutions.