North Bridge Closes Florida’s Largest C-PACE Deal With $42M Hotel Loan
HB Capital Group has sealed a $42 million Commercial Property Assessed Clean Energy loan for the renovation of a hotel in Miami-Dade County to mark the largest C-PACE transaction in Florida to date, Commercial Observer has learned.
North Bridge supplied the loan on HB Capital’s Newport Beachside Hotel & Resort in Sunny Isles Beach, Fla. The financing will be used to implement upgrades to the 1968-built property, including energy efficiency and resiliency improvements.
“This deal is a great example of how C-PACE financing can help property owners create value,” Laura Rapaport, founder and CEO of North Bridge, said in a statement. “HB Capital Group accessed and secured low-cost, fixed-rate financing for a major hotel renovation and repositioning.”
Located at 16701 Collins Avenue, the hotel was built as the first skyscraper in Sunny Isles Beach, a barrier island in northeast Miami-Dade County. Renovations planned for the property include new designs for public areas, guest rooms, the pool deck and outdoor spaces. New food and beverage outlets designed by Miami-based EoA Group will also open as part of the hotel’s revitalization project, which is scheduled for completion in December 2023.
“The hotel has been a part of our family and the community for over four decades, and we look forward to what the future holds for this historic property,” Edward Hurowitz, chief investment officer of HB Capital Group, said in a statement. “For the Newport, C-PACE is an accretive financing structure that aligns with our long-term vision.”
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