Client: SkyRidge Development
Location: Deer Valley, Utah
Project Type: Recapitalization
The SkyRidge Resort is a premier mixed-use development in Deer Valley, Utah, offering four-season resort amenities with direct access to world-class skiing, an equestrian center, golf, fine dining, spa, pool, fitness center, and exclusive community features.
The centerpiece, the Stelle Lodge, is a six-story luxury resort offering a mix of ownership and transient upscale lodging. The development also features a driving range, a three-hole mountain course, and a clubhouse.
Mid-Construction Financing
The client has a unique approach to funding their projects. As developers of community-scale projects, they have used Public Improvement District (PID) bonds along with their own equity to fund projects. From their use of PIDs, the firm was familiar with the tax assessment repayment model and valued local knowledge and expertise.
“We chose PACE Equity Finance because of the team. A local presence and professional approach—that’s what really resonated with us. C-PACE was a fit for us, and the team worked hard to understand our business and tailor the approach to fit.”
Tyler Aldous, Managing Director, SkyRidge Development
PACE Equity Finance funded $63.3 million in long-term, fixed-rate, non-recourse C-PACE financing to recapitalize the golf course, clubhouse, and lodge—allowing construction to move forward without diluting ownership. With deep industry expertise, an in-house engineering team, and a local presence, PACE Equity Finance served as a trusted partner to the client.
PACE Equity Finance Advantage
The client worked closely with our in-house C-PACE engineers to refine the efficiency of the complex, modifying a few design elements to improve efficiency. The project qualified for our lowest financing rate, emphasizing sustainability across all aspects of the resort.
theStelle Lodge will serve as a luxury hospitality resort, featuring meeting spaces, an event lawn, fine dining, a rooftop bar, a recreational outfitter, a fitness studio, along with an immersive spa and a wide range of guest amenities.
Located beside the newly expanded Deer Valley Resort and near Park City Mountain Resort, the SkyRidge Resort offers a prime ski destination. The community also includes a state-of-the-art equestrian center with a 34-stall barn, outdoor arena, and scenic riding trails.
The golf experience includes a 310-yard driving range with 15 luxury hitting bays and a three-hole mountain course that can be played as a nine-hole short course. The Golf Clubhouse will feature a bar and restaurant, a grocer café, curated retail, and private Topgolf Swing Suites.
Larger Transaction Sizes
Large-asset C-PACE financing is part of a broader industry shift. C-PACE is now enabled in 40 states. Developers nationwide are using it for capital stack flexibility and using it as a mainstream financing solution for major commercial real estate projects.