Twain Capital Supplies $65M C-PACE Loan for Colorado Hotel Project

Developer Nathaniel Kelly Foote has secured $65 million of Commercial Property Assessed Clean Energy (C-PACE) debt to complete a mixed-use project with a Marriott-branded hotel in the heart of Colorado’s Rocky Mountains, Commercial Observer has learned.

Twain Capital Partners provided the C-PACE loan for the 144,597-square-foot Foote’s Rest development in Frisco, Colo., that will be anchored by an 80-key Marriott Tribute Hotel. The large-scale project will feature an underground 13,500-square-foot entertainment venue with bowling lanes and golf swing suites. It is slated for completion in October 2027.

Andy Meyer, managing partner of Twain, said the deal was attractive from an underwriting perspective given Colorado’s strong C-PACE program that empowers property owners to fund 100 percent of sustainability upgrades coupled with solid hospitality demand in the Frisco market. He said Frsisco, which is 26 miles east of Vail and 15 minutes north of Breckenridge Ski Resort, has a lack of hotel supply.

“Frisco continues to see more year-round travel,” Meyer told CO. “It was a challenging underwrite because there are no direct comps in the Frisco market, but a  hotel of this size and scale with the amenities that are proposed we believe will achieve very strong occupancy.”

Located at 500 Main Street, Foote’s Rest will also include a 4,000 square-foot ballroom, a 1,500 square feet of event space, a conference center, restaurants and a 10,000 square-foot rooftop bar. Colorado-based Greenwood Hospitality will serve as operator for the property. 

Foote did not immediately return a request for comment.

The Foote’s Rest deal adds to Twain’s strong lending volume since the St. Louis-based lender launched a C-PACE business in late 2025 to complement its bridge lending platform. Meyer said the firm has executed $265 million of C-PACE loans over the past six months and has a pipeline $140 million under contract million that it expects to close by the end of 2026.

Meyer, who joined Twain in July 2025 after six years with Petros PACE Finance, said Twain is benefiting from tailwinds in the C-PACE market with more borrowers seeking long-term, lower-cost capital for construction and renovation projects. 

“The market for C-PACE has grown from $5 million to $10 million average transactions to now the weighted average transaction for the industry being in excess of $25 million, and there have been quite a few $100 million-plus C-PACE financings that have closed over the last 12 months,” Meyer said. “It is now a standard part of many of those capital stacks.”

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