Commercial, Energy Efficiency - February 25, 2020
Syracuse hotel to receive efficiency upgrades through C-PACE loan
Brine Wells Development has closed a $9.9 million Commercial Property Assessed Clean Energy (C-PACE) transaction that will finance energy efficiency upgrades on its Marriott Syracuse Downtown property in Syracuse, N.Y.
The deal was completed with Petros PACE Finance, LLC in order to complete upgrades to the building envelope, plumbing, HVAC, lighting and electrical systems of the 1920s-era property, which also underwent renovation when the hotel opened in 2016.
“C-PACE provided cost-effective financing for energy-efficient improvements needed to adapt a unique piece of Syracuse history to meet the needs of modern guests,” Ed Riley, CEO of Brine Wells, said in a statement. “Petros has a top-notch team and we enjoyed working with them to ensure both the historic and sustainable legacy of this building continues into the future.”
The renovations, along with the addition of 50 rooms, additional function space and a restaurant, are expected to be completed in May 2020.
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