Lone Star PACE Administers $27M in Retroactive C-PACE Financing for Luxury Hotel in Dallas

DALLAS, Texas, Aug. 20, 2024 — Lone Star PACE, a leading administrator of Texas’ Property Assessed Clean Energy program, today announced it facilitated $27M in retroactive C-PACE financing for the award-winning HALL Arts Hotel in the Dallas Arts District. 

Financing proceeds will recapitalize previously installed sustainable upgrades that save energy and water, including improvements to the building’s envelope, electrical, lighting, HVAC and plumbing systems. 

Lee McCormick, president of Lone Star PACE, said: “It was an honor to partner with HALL Group on this groundbreaking luxury hotel in Downtown Dallas’ burgeoning Arts District. Retroactive C-PACE financing is the perfect complement to projects that aim to advance sustainable development without sacrificing returns in the process.”  

C-PACE helps reduce energy and water consumption at commercial and industrial buildings by providing low-cost, long-term, fixed-rate financing for sustainable upgrades. Property owners can use C-PACE to finance new construction as well as building renovations or retrofits. 

Nuveen Green Capital, a leader in sustainable commercial real estate financing, arranged the funds on behalf of HALL Group.

Sean Ribble, senior director of originations at Nuveen Green Capital, said: “We were proud to partner with Hall Structured Finance and Lone Star PACE once again to provide cost efficient C-PACE financing for the striking, energy-efficient HALL Arts Hotel in the heart of the Dallas Arts District. As C-PACE’s use as a flexible financing mechanism to fund projects pre-, mid- or post- construction across asset classes continues to grow across the U.S., we look forward to working on many future Texas construction projects.”

Designed by HKS Architects with interiors by Bentel & Bentel, the 11-story HALL Arts Hotel includes 183 guest rooms and 19 suites, all featuring privately curated art collections. In addition to lodging, HALL Arts offers premier event space for corporate and social gatherings. An award-winning eatery, Ellie’s Restaurant & Lounge, is also available on-site. 

Mike Canning, senior vice president of capital markets for HALL Group, said: “We are proud to partner with Lone Star PACE on the PACE financing for HALL Arts Hotel. C-PACE continues to be a positive product for advancing sustainability goals and an efficient form of financing in today’s environment.”