亚特兰大（2024 年 6 月 24 日） — 随着信贷市场的持续混乱， 桃树集团 向BLG SAN DIEGO, LLC（BLG）发放了4000万美元的追溯CPACE贷款，用于其最近开业的147间客房 圣地亚哥市中心瓦斯灯区万豪AC酒店 在加州这个 商业地产评估清洁能源（CPACE）融资 分期分期为30年，一年内无需付款，随后五年仅按息支付。此外，所得款项使BLG能够通过减轻银行的风险敞口，将总部位于加利福尼亚的优先银行和E.Sun商业银行有限公司的优先贷款偿还至2000万美元以下。
Peachtree集团董事总经理兼首席执行官格雷格·弗里德曼表示：“这种创新的资本结构极大地缓解了眼前的财务压力，使酒店能够在运营的最初几年建立坚实的现金流基础。”
尽管美国酒店业的RevPAR表现强劲，但多重不利因素加剧了业主的财务压力。这些不利因素包括美国酒店盈利能力滞后、持续居高不下的利率和历史最高的财产保险成本。
总部位于新泽西州的Briad Group® 创始人、董事长兼联席首席执行官布拉德·霍尼格菲尔德说：“当我们在2023年3月开设圣地亚哥市中心瓦斯灯区万豪国际酒店时，酒店业基本面出现了相当大的脱节，尤其是在圣地亚哥，而债务市场正在严重恶化，美联储的紧缩程序和不断上升的基金利率大大推高了债务成本。”
随着数万亿美元的债务到期，再融资变得越来越困难，再融资变得更加困难，再加上银行收紧的贷款标准，酒店和商业地产所有者面临着艰难的几年。
根据仲量联行研究的数据，到2024年底，价值58亿美元的美国酒店证券化贷款将到期偿还，需要全额还款、再融资、延期或出售。但是，如果这些贷款以当前利率进行再融资，那么大多数贷款将难以产生足够的收入来支付债务成本。
在这个充满挑战的贷款市场中 商业地产评估清洁能源（CPACE）融资 已成为重要的流动性来源。随着所有者面临即将到期的债务和稀缺的再融资机会，这种选择变得越来越重要。
据称，CPACE融资在商业房地产市场迅速获得关注，在短短十年内美国累计达到72亿美元 PaceNation。这一重要的里程碑突显了CPACE融资作为一种创新而有效的解决方案越来越被接受和采用。该市场的主要参与者桃树集团已表明其对CPACE融资的承诺，CPACE的发起额超过8亿美元。
圣地亚哥市中心瓦斯灯区 AC 酒店位于圣地亚哥市中心的煤气灯区，以其餐厅、商店和夜生活而闻名。
霍尼格菲尔德说：“我们的酒店受益于其地理位置和业绩，但债务成本使现金流紧张。”
追溯性CPACE资金 为业主提供独特的优势。它的运作方式与普通的项目前融资类似，但有一个关键区别：100％的贷款收益可用于偿还业主已经产生的费用。这一功能使追溯性CPACE成为寻求更好贷款条件或改善已完成项目的现金流的业主的宝贵资源。
“它提供的经济救济不仅确保了酒店的成功，而且为其长期稳定奠定了基础。通过在早期减轻财务负担，业主可以专注于提供卓越的宾客体验和实现卓越的运营，” 弗里德曼说。
这种战略方针为资产在未来过渡到更有利的融资市场铺平了道路，从而确保了其持续的盈利能力和增长。
关于桃树集团
桃树集团 是一家垂直整合的投资管理公司，专门发现和利用以商业房地产为支撑的混乱市场中的机会。如今，该公司通过收购、开发和贷款管理着数十亿美元的资本，并辅之以旨在保护、支持和增加其投资的服务。欲了解更多信息，请访问 www.peachtreegroup.com。
联系人：
查尔斯·塔尔伯特
678-823-7683
ctalbert@peachtreegroup.com
ATLANTA (August 18, 2024) – Peachtree Group (“Peachtree”) has originated the largest credit transaction in its history, closing a $176.5 million retroactive Commercial Property Assessed Clean Energy (“CPACE”) loan for Dreamscape Companies’ recently renovated 2,520-room Rio Hotel & Casino(“Rio”) in Las Vegas, Nev. The deal, finalized in less than 60 days, ranks among the largest CPACE financings ever completed in the United States.
The Rio, now under the Destinations by Hyatt brand, is a casino resort featuring two hotel towers, Ipanema and Masquerade, connected by a casino, restaurants and retail establishments. Renovations completed in 2024 included a full transformation of the Ipanema Tower guest suites, a reimagined casino floor and significant upgrades to multiple food and beverage venues. The comprehensive property improvement plan also delivered exterior enhancements, modernization of the central heating and cooling plant, electrical infrastructure upgrades and renovations to the convention center.
“This deal highlights an inflection point for CPACE, with some of the nation’s largest financial institutions consenting to its use because they see the clear benefit to the capital stack,” said Jared Schlosser, head of originations and CPACE for Peachtree. “By closing quickly on a marquee hospitality asset, we were able to strengthen the position of both the owner and its lenders.”
The CPACE loan retroactively funded the renovations enabling the owners to pay down their senior loan. Retroactive CPACE funding offers a distinct advantage by allowing 100% of the proceeds to be reimbursed for completed project costs.
“This transaction is not only a historic milestone for Peachtree Group, but also a testament to the ecosystem we have built over the past 18 years,” said Greg Friedman, managing principal and CEO of Peachtree. “Through our vertically integrated platform, deep expertise and disciplined approach, we have developed the infrastructure to be a leader in the private credit space. Our ability to deliver speed, creativity and certainty of execution positions us to provide capital solutions that create value for our investors and partners across market cycles.”
The CPACE market has surpassed $10 billion in cumulative U.S. originations in just over a decade, according to the C-PACE Alliance, with strong growth expected as more institutional owners and lenders recognize its value. “We see tremendous opportunity ahead for retroactive CPACE and its use in funding new commercial real estate development,” Schlosser said. “It’s an attractive alternative to more expensive forms of capital.”
Peachtree is one of the most active CPACE lenders in the country, with more than $1.5 billion in originations. The firm’s credit platform spans CPACE, bridge, mezzanine and construction lending, providing creative capital solutions across market cycles.
The hotel lending landscape continues to shift, shaped by rising rates, tighter equity, and the need for more creative capital structures.In this Hotel Business Magazine roundtable recap, Peachtree Group’s Michael Harper, President, Hotel Lending, and Jared Schlosser, Head of Credit Originations & Commercial CPACE, share insights on:
• Navigating the gap between buyer/seller expectations
• The growing role of private credit
• Structuring deals with CPACE, mezzanine, and hybrid financing
• Underwriting and execution in today’s higher-risk environment
Mergers & Acquisitions- Commercial Property Assessed Clean Energy, or CPACE financing, which allows commercial property owners to borrow money for energy efficiency, renewable energy generation, water conservation and other upgrade projects, is a growing market, and is largely being provided by private equity firms.
According to the CPACE Alliance, anon-profit that works to increase the volume of quality projects, this loan market is growing nicely (see chart below). The market hit over $10 billion in total originations by the end of 2024.
Jared Schlosser, the executive vice president and head of hotel originations and CPACE at Atlanta PE firm Peachtree Group, says the firm has averaged 25 percent year-over-year growth since it started CPACE lending at the end of 2019. He expects the market to grow as more states get access to CPACE.
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