Nuveen Green Capital Provides $49.5 Million Recapitalization Loan For Palm Springs Hotel Renovation

The property is a hotel located at 1600 North Indian Canyon Drive in Palm Springs. It comprises 405 keys and has a total square footage of 384,000. The loan amount for the recapitalization is $49,500,000.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $49,500,000
• Loan Type: Recapitalization
• Loan Terms: 27
• Lender: Sean Ribble, Nicola Manware, Cory Jubran & Aidan Mclaughlin - Nuveen Green Capital
• Asset Address: 1600 North Indian Canyon Drive
• Market: Palm Springs
• Keys: 405
• Square Footage: 384,000

NGC provided $49.5 million in C-PACE financing to sponsor Welcome Group, Inc., alongside senior lender and development group Eight Form, to fund the hotel's renovation. The senior lender modified its original construction loan, incorporating C-PACE into the capital stack, thus providing a more efficient and cost-effective capital structure for the parties involved.