Nuveen Green Capital Supplies $190M C-PACE Loan on Virgin Hotels Las Vegas
The deal marks the largest C-PACE financing in Nevada and second largest nationally.
By Andrew Coen August 23, 2024 2:48 pm
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JC Hospitality has sealed $190 million of Commercial Property Assessed Clean Energy (C-PACE) financing for its Virgin Hotels Las Vegas property, Commercial Observer has learned.
Nuveen Green Capital (NGC) originated the loan for the Nevada investment firm to refinance past debt on the 29-acre Hilton-branded hotel casino property. The deal marks the largest C-PACE financing in Nevada and the second largest in the nation, according to NGC.
“This was an important part of our go-forward strategy,” Cliff Atkinson, president of Virgin Hotels Las Vegas, said in a statement. “C-PACE decreased our cost of capital, which will provide tremendous value to all stakeholders.”
Located at 4455 Paradise Road one mile east of the Las Vegas Strip, the 29-acre hotel property is part of the Curio Collection by Hilton that features a casino and convention space. It has 1,503 rooms and suites, 130,000 square feet of meeting space, a spa, outdoor swimming pools, 12 restaurants and a music venue called The Theater.
“As the C-PACE industry continues to scale exponentially, both in how often it is being utilized, as well as in deal size, this underscores how impactful and cost-efficient it can be to finance projects pre-, mid-, or post-construction,” Cory Jubran, senior director of originations at NGC, said in a statement.
The Las Vegas C-PACE loan adds to NGC’s active year, which included closing $440 million of cumulative C-PACE financing across the West Coast over the past 12 months.
In June, the Darien,Conn.-based lender closed $90.4 million of retroactive C-PACE financing for the recapitalization of the adjacent Thompson Hollywood hotel and Tommie Hollywood properties in Los Angeles.
NGC also supplied a $42 million C-PACE loan on a planned retail winery development from VP Companies called The Yard in Woodinville, Wash., near Seattle.
Officials at JC Hospitality did not immediately return a request for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
