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C-PACE Financing on a Roll: $42 million PACE loan for citizenM Los Angeles

4 May 2021
See how JMBM’s Global Hospitality Group® can help you.
Click here for the latest articles on PACE Financing.

Over the past five years, PACE financing has gained wider acceptance, and moved from a novel technique to a mainstream practical solution for financing. For more background on what Commercial PACE financing (or C-PACE financing) is, why it can be attractive, why it is becoming more popular and how JMBM’s attorneys can help, see PACE Financing – Now an accepted tool for hotel lenders and borrowers.

Now that New York City has released guidelines for PACE financing, there are even more opportunities to make the most of this strategy–see our post on the upcoming rules here.

David Sudeck and his team at the Global Hospitality Group® at Jeffer, Mangels, Butler & Mitchell LLP handled a $42 million PACE loan for the 315-room citizenM hotel in Downtown Los Angeles. The property includes a restaurant, meeting space, and a 24-hour fitness center.

citizenM

photo: citizenm.com

Hotel: citizenM Los Angeles Downtown
Location: Downtown Los Angeles, CA
Size of PACE Loan: $42 million

How we can help with PACE financing

PACE lending has become an important and fast-growing sub-specialty in our hotel finance capabilities. We work with PACE providers/lenders and borrowers. In fact, we have been fortunate enough to work with one of the leading providers of PACE financing as they expand their national platform.

We welcome inquires to see if we can help you evaluate potential PACE financing opportunities.

For PACE financing and other hotel finance-related inquiries, contact David Sudeck, at 310.201.3518 or dsudeck@jmbm.com


Profile-David-Sudeck

David Sudeck is a senior member of JMBM’s Global Hospitality Group® and JMBM’s real estate department. His practice primarily involves the complex issues associated with hotels, resorts, vacation ownership properties (including shared ownership, destination clubs, timeshares, fractionals and private residence clubs), restaurants (including chef consulting agreements), golf courses and spas.

A seasoned real estate attorney, David has extensive legal experience involving all types of residential and commercial properties. He represents owners – including hospitality clients – in the purchase and sale, development, construction, financing, leasing, and sale-leaseback of properties, and advises them on their operations and management agreements, including hotel management agreements. Contact David Sudeck at 310.201.3518 or dsudeck@jmbm.com.


Picture of Jim ButlerThis is Jim Butler, author of www.HotelLawBlog.com and founding partner of JMBM and JMBM’s Global Hospitality Group®. We provide business and legal advice to hotel owners, developers, independent operators and investors. This advice covers critical hotel issues such as hotel purchase, sale, development, financing, franchise, management, ADA, and IP matters. We also have compelling experience in hotel litigation, union avoidance and union negotiations, and cybersecurity & data privacy.

JMBM’s Global Hospitality Group® has helped clients around the world with more than 4,300 hospitality properties worth more than $104.7 billion. Contact me at +1-310-201-3526 or jbutler@jmbm.com to discuss how we can help.


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