Twain Financial Partners announced the successful financing of $4.5MM Commercial Property-Assessed Clean Energy (C-PACE) Financing in connection with the ground-up construction of the Residence Inn in Clayton, MO.
Twain’s funding will provide state-of-the-art clean energy improvements to the 170-room extended-stay select-service hotel. Amenities will include a bar and lounge with mezzanine-level outdoor seating, a business center, fitness center and 3,800 square feet of meeting and event space.
Midas Capital serves as developer and asset manager on this project. Related companies, Midas Hospitality and Midas Construction are serving as the hotel manager and general contractor.
“It’s no surprise getting new construction deals in the hospitality sector are challenging in the current environment. Working with Twain and being able to add C-PACE Financing as part of this project really helped get our development across the finish line,” said Eric Goettelmann, President of Midas Capital. “We are excited to be able to bring the first newly-constructed hotel to downtown Clayton since the Ritz was delivered in 1990.”
“We had a great experience working with Midas Hospitality on this prominent development in downtown Clayton,” said Andy Weber, Business Development Officer at Twain. “This is a great example of Twain’s effectiveness at executing on asset classes like hospitality that have been hit hard by the pandemic. We appreciate Midas Hospitality’s partnership and look forward our next opportunity with them.”
Midas Capital is a real estate investment and development firm located in St. Louis, Missouri with over $500MM in assets under management focused on long-term investments which create positive change for the communities in which they invest.