Case Studies

Summary 

The Le Meridien Hotel had to secure more permanent financing with their construction loan’s maturity date quickly approaching. Since the Covid- 19 pandemic’s effect on the hospitality industry left the hotel’s future uncertain, traditional banks were not able to provide funding. The borrowers’ only option was to settle for a short-term expensive bridge loan. 

Opportunity 

Thanks to energy-efficient improvements featured in the property, Le Meridien met the eligibility requirements needed to qualify for C-­PACE financing. Bayview PACE allowed the borrowers to refinance $42 million at a low fixed rate over a 30-year term, giving them significantly more time to stabilize the property and fund the project on their terms. Financing from Bayview C-PACE, a division of Bayview Commercial Mortgage Finance, LLC, saved the owners a significant amount of money, during a time when equity is precious and leverage even more scarce. Le Meridien Hotel will join other commercial buildings across the country that are adopting energy­efficient methods to reduce carbon emissions, improve the efficiency and value of their properties, utilizing the flexible and low cost financing from Bayview PACE.