D.A. Davidson’s Special District Group, in partnership with Petros PACE Finance, just priced and closed the largest C-PACE (Commercial Property Assessed Clean Energy) financing in history, totaling $160 million. Petros PACE Finance actually closed the previous record-high C-PACE financing for a major mixed-use development project in Ivins, Utah, totaling $153 million in October 2022.
The recipient of the $160 million financing was Summit Vista, a CCRC in Taylorsville, Utah (Salt Lake City MSA), and proceeds will go towards funding ongoing construction projects at the community. C-PACE is a financing mechanism that allows property owners and developers to fund up to 100% of building retrofits and new construction to improve a building’s energy efficiency, renewable energy and water efficiency.
At a time when construction financing is hard to come by, and is very expensive when you can get it, C-PACE offers another lower-cost option in the capital stack. The deal also represents a significant expansion of D.A. Davidson’s and Petros’ C-PACE portfolios and partnership.
Owned in partnership with Gardner Group, Wasatch Group and Solamere Capital (for which Mitt Romney serves as chairman of the Executive Partner Group), Summit Vista features independent living, assisted living, memory care and skilled nursing services in conjunction with its affiliated healthcare campus in Meadow Peak. Sitting on 105 acres, it has a completion size of nearly 1,600 residential units, making it the largest senior living community in the state.
