JC Hospitality has secured $190 million in Commercial Property Assessed Clean Energy (C-PACE) financing for its Virgin Hotels Las Vegas property, as the Commercial Observer has learned.
Nuveen Green Capital (NGC) provided the Nevada investment firm with the loan to refinance previous debt for the 29-acre Hilton-branded hotel-casino property. The deal is the largest C-PACE financing in Nevada and the second-largest in the country, according to NGC.
“This was an important part of our future strategy,” Cliff AtkinsonPresident of Virgin Hotels Las Vegas, said in a statement. “C-PACE has lowered our cost of capital, which provides tremendous value for all stakeholders.”
Location 4455 Paradiesstrasse One mile east of the Las Vegas Strip, the 29-hectare hotel site is part of the Curio Collection by Hilton, which features a casino and meeting space. It has 1,503 rooms and suites, 130,000 square feet of meeting space, a spa, outdoor pools, 12 restaurants and a music venue called The Theatre.
“As the C-PACE industry continues to grow exponentially, both in terms of frequency of use and size of transactions, this underscores how impactful and cost-effective financing projects can be before, during or after the construction phase,” Cory JubranSenior Director of Originations at NGC, said in a statement.
The Las Vegas C-PACE loan is another success in NGC’s active year, which saw C-PACE financings totaling $440 million completed across the West Coast in the last 12 months.
In June, the Darien, Connecticut-based credit institution closed $90.4 million in retroactive C-PACE financing for the recapitalization of the adjacent Hollywood Studios Hotel and Tommy Hollywood Real Estate in Los Angeles.
Also NGC supplied a C-PACE loan of $42 million for the planned expansion of a winery from VP Company called The yard in Woodinville, Washington, near Seattle.
Representatives for JC Hospitality did not immediately respond to a request for comment.
You can reach Andrew Coen at [email protected]
