Reset Hotel, a new hotel coming to Twentynine Palms, a Palm Springs exurb adjacent to the North Entrance of Joshua Tree National Park, has started construction with $11.2 million in C-PACE financing from PACE Loan Group (PLG). Qualifying C-PACE improvements include plumbing, HVAC, electrical, lighting, building envelope, and seismic measures. The 30-year loan is combined with a $7.5 million first mortgage.
Located at 7000 Split Rock Ave., the project will use modular techniques to reduce the construction time by nearly half and is expected to open in early 2025. Once complete, the hotel will be managed by Sightline Hospitality, a manager of independent, soft-branded, and unique-branded hotels that was founded in 2019 and based in San Francisco.
“Given the lack of high-quality, experiential lodging options near Joshua Tree National Park, we believe the C-PACE investment will support the sponsor’s vision for a unique new amenity to the area,” said Rafi Golberstein, CEO of PLG. Jacob Roth, VP at PLG, provided underwriting expertise on the loan.
“Given the location near Joshua Tree, our team knew that having a C-PACE component both demonstrates our commitment to the environment and strong financial stewardship,” said Adam Wininger, one of the developers of the project. “PACE Loan Group was a pleasure to work with, providing a clear and uncomplicated path to closing.”
PACE Loan Group’s Matthew McCormack will be among the experts taking the stage at Connect Investment & Finance 2023 on Oct. 24 at the Hyatt Regency O’Hare in Rosemont, IL. Click here to register.
