Pyramid Global Hospitality Secures $50M Refinance Loan For Residence Inn Berkeley Using C-PACE Funding

Pyramid Global Hospitality, a Boston-based developer, has secured a $50 million C-PACE loan to refinance the Residence Inn Berkeley in California. This hotel, located at 2121 Center Street, consists of 331 keys and is situated in the Berkeley market.

Summary of transaction details

• Property Type: Hotel
• Transaction Amount: $50,000,000
• Address: 2121 Center Street, Berkeley
• Market: Berkeley
• Lender: North Bridge - Laura Rapaport
• Landlord: Pyramid Global Hospitality - Warren Fields
• Broker: Lantern Real Estate Advisors

The C-PACE loan has been provided by North Bridge, with Laura Rapaport representing them in the deal. Pyramid Global Hospitality, headed by Warren Fields, holds the role of landlord in this transaction. Lantern Real Estate Advisors has acted as the broker for this deal.

This significant hotel financing represents one of the largest hotel transactions involving the federal C-PACE program. The program enables developers to access favorable financing terms by incorporating green and renewable energy features in their buildings. In some states, this funding can also be applied retroactively.