Case Studies

Summary 

Westin Cocoa Beach Resort & Spa is Driftwood Capital’s $420 million luxury beachfront construction project on Florida’s Space Coast with a planned opening in early 2027. This 502-room resort and spa represents Driftwood’s fourth hospitality project in Brevard County.

Due to the tight credit markets and limited available capital for new construction projects, the borrower needed to explore alternatives to the traditional bank participant model. This presented an opportunity for Bayview to step in and provide a solution.  

The Opportunity 

With traditional lenders increasingly capital-constrained, C-PACE emerged as an ideal alternative to the bank participant model. This solution offered an efficient, long-term, fixed-rate financing without requiring an intercreditor agreement, and one that allowed the bank to retain the full benefits of its depository relationship with the borrower. The C-PACE loan, structured in tranches, minimized the impact of interest carry costs, and close collaboration with the bank ensured flexibility in draw timing. Bayview’s ability to hold the entire deal on its own balance sheet eliminated the need for additional PACE lenders, enabling unparalleled creativity and flexibility in structuring the financing. Ultimately, the C-PACE financing, together with the $70 million senior construction loan and sponsor equity, enabled the successful advancement of the $420 million development.

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