$85.5M in C-PACE recapitalization closed by Green Pace Financial, Inc. on Frontwave Arena and Legends Bay Casino. Long-term, fixed-rate, non-recourse financing
Green Pace Financial, Inc., a national leader in Commercial Property Assessed Clean Energy (C-PACE), announced the closing of $85.5 million in C-PACE recapitalization financing across two high-profile Specialty Use assets: Frontwave Arena in Oceanside, California, and Legends Bay Casino in Sparks, Nevada.
The two transactions mark a significant milestone in Green Pace Financial, Inc.’s continued expansion into Specialty Use commercial real estate, underscoring the firm’s dominance in structuring C-PACE and large-scale, non-recourse capital solutions for all commercial real estate asset classes nationwide.
TRANSACTION HIGHLIGHTS
Frontwave Arena – Oceanside, CA | $49.7M C-PACE
Home to professional sports franchises, A-list touring artists, and Tier 1 entertainment events, the state-of-the-art 7,500-seat Frontwave Arena is North County San Diego’s first major indoor venue and an anchor for the region’s growing entertainment economy.
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The developer engaged Green Pace to retire expensive construction debt, unlock additional capital reserves, and provide working capital, all through long-term, fixed-rate, non-recourse C-PACE proceeds. The result: a dramatically improved capital stack that strengthens Frontwave Arena’s long-term operating position.
Legends Bay Casino — Sparks, NV | $35.8M C-PACE
Northern Nevada’s newest gaming and retail destination, Legends Bay Casino opened as the first ground-up casino built in the region in over 20 years, delivering a modern guest experience while providing a meaningful economic impact to the Sparks/Reno community.
The developer’s Investment Banker engaged Green Pace to recapitalize three years of qualifying energy-efficiency improvements, pay down higher-cost construction debt, and establish additional reserves.
WHY C-PACE, WHY NOW?
In today’s elevated interest-rate environment, Sponsors are facing maturing construction loans, tighter bank credit boxes, and shrinking proceeds from traditional refinance sources. C-PACE offers a uniquely powerful solution: low-cost, high-leverage, fixed-rate, up to 30 year amortization, no acceleration rights, and non-recourse financing solution.
“We’re proud to be financing all commercial project types nationwide, and now leading the market in Specialty Use assets. Our advisors work relentlessly to meet our clients’ capital needs while creating jobs and advancing meaningful energy-saving projects across the country.”, said Shawn Heyl, President of Green Pace Financial, Inc.
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