$13.4 million C-PACE loan finances new construction of Mammoth Lakes, CA Residence Inn

Minneapolis, Minnesota (MONTH XX, 2025) – An affiliate of Greens Development Inc, a California-based developer, received $13.4 million in Commercial Property Assessed Clean Energy (C-PACE) financing from PACE Loan Group (PLG) for the construction of a Residence Inn by Marriott in Mammoth Lakes, CA. The C-PACE loan came in alongside senior debt from an EB-5 fund.

EB-5 funding was created in 1990 by a federal program that encourages economic development in the U.S. via foreign investment, which must be focused in Targeted Employment Areas, such as Mammoth Lakes. C-PACE paired well with this alternative source of senior debt and blended down the cost of capital for this development.

“C-PACE was an ideal fit for Mammoth Lakes, as it paired seamlessly with the EB-5 loan and blended down the cost of capital for this luxury hotel,” said Ron Adachi, senior vice president – Originations at PLG.

The C-PACE funds covered building envelope, interior and exterior lighting, plumbing and domestic hot water, and HVAC, which are expected to save $37,957 annually over their useful life. Construction for the Residence Inn began in September 2025 and is expected to be completed by November 2027.

The extended-stay hotel, set to open in late 2027, is located within 3 miles of the Mammoth Ski Mountain Area, which attracts millions of visitors year-round and is the fourth-most-visited ski resort in the country. In addition to a ski storage room, the 102-room, four-story luxury extended-stay hotel offers a lobby lounge, speakeasy, outdoor patio, indoor pool, and fitness room.

Media Contact:

Martha Nevanen

Martha@paceloangroup.com

651-492-5861