Developer: RSL
Location: Lake Worth Beach, FL
Project Type: Gut Rehab, Renovation
The historic Gulfstream Hotel, originally constructed in 1925 and added to the National Register of Historic Places in 1983, has long been a Florida landmark. After suffering water damage in 2005, the hotel closed its doors. Today, it is being renovated into a modern Marriott hotel that maintains the character of the original architecture while bringing new life to its spot along the South Florida coastline.
PACE Equity Finance funded the project, providing low-cost, non-recourse, fixed-rate financing that filled a critical gap in the capital stack, covering 26% LTC. The $12.7 million C-PACE financing integrated seamlessly alongside Historic Tax Credits and grants already in the stack.
Complex Capital Stack
This project highlights a key advantage of C-PACE financing: it pairs well with other incentives and funding sources, including NMTC, HTC, TIF, EB-5, USDA, brownfield grants, and more. This project’s capital stack is a strong example:
- 33% Construction Loan
- 26% PACE Equity Financing
- 17% Mortgage Debt
- 12% HTC Bridge Equity
- 6% Deferred Developer Fee
- 4% Government Grant
- 2% Sponsor and Other Equity
PACE Equity Finance Advantage
The PACE Equity Finance engineering team provided technical support and energy modeling to streamline maximum funding at a market-leading rate. By leveraging our in-house engineers, we optimized funding for eligible renovation improvements and maximized the 30-year fixed-rate amortization term.