Peachtree Recaps Ritz-Carlton Portland With $141M C-PACE Loan

A New York lender is more than ready for a Portland hospitality resurgence.

Ready Capital, which assumed full ownership of the The Ritz-Carlton Portland mixed-use project following a foreclosure in July 2025, just secured $141 million of commercial property accessed clean energy (C-PACE) debt for the recapitalization of the 35-story tower, Commercial Observer has learned.

Peachtree Group originated the C-PACE loan for the 2023-completed Block 216 Tower development that features a 251-key hotel, 131 condominium units and 159,000 square feet of office space. Construction of the Ritz-Carlton-Portland, the Marriott’s brand’s first hotel in the Pacific Northwest, commenced in 2019 before encountering delays due to the COVID-19 pandemic and ensuing struggles to the city’s economy. 

Jared Schlosser, head of credit originations at Peachtree Group, said condo units at the property have sold at a healthy pace and the hotel is well positioned for success as one of the newest lodging offerings in the Portland region.

“It’s the nicest hotel up there and that pocket of Portland is revitalizing,” Schlosser told CO. “I think there’s probably more tailwinds ahead versus headwinds for Portland.”

Schlosser added that C-PACE debt was conducive for the recap since as a newer building it was developed under “stringent” building codes with much of the project eligible for retroactive financing. He noted that the deal marks Peachtree’s second largest loan. 

Ready Capital set the stage for owning The Ritz-Carlton Portland when it acquired a prior construction loan on the development valued at more than $500 million through a 2022 merger with Mosaic Real Estate Investors. The lender manages the property in partnership with Lincoln Property Company.

Ready Capital did not immediately return a request for comment.

Andrew Coen can be reached at acoen@commercialobserver.com.