Bayview PACE Provides $137 Million C-PACE Loan For Driftwood Capital's Westin Resort In Cocoa Beach

The asset involved in this transaction is the Driftwood Capital's 502-room Westin Resort, located at 1300 North Atlantic Avenue in Cocoa Beach. The project is currently under construction and represents a significant investment of $420 million for a luxury beachfront development on Florida’s Space Coast.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $137,000,000
• Lender: A.K Prabhakar & Jason Clouet - Bayview PACE
• Landlord: Driftwood Capital
• Loan Type: CPACE Loan
• Loan Terms: 29 Years
• Keys: 502

This transaction marks the largest-ever C-PACE deal in Florida, demonstrating the scale of financing involved. The project is being financed through a $207 million solution, which includes a combination of the $137 million C-PACE loan and a $70 million senior construction loan. The anticipated opening for the resort is in early 2027.