Black Desert Resort

Overview

Deal Type Debt Capital Markets
Size $153 Million
Commercial Property Assessed Clean Energy Financing
Client & Transactional Partners Reef Capital Partners
Our Role Structuring Agent

Summary

On September 30, 2022, KeyBanc Capital Markets (KBCM) closed as Structuring Agent, the largest single transaction in Commercial Property Assessed Clean Energy (C-PACE) history. The record $153 million C-PACE financing will be used to fund energy efficient measures, including interior and exterior LED lighting, HVAC, and seismic strengthening throughout the planned Black Desert Resort, located in Ivins, Utah. As Structuring Agent to Reef Capital Partners, KBCM helped size and structure the C-PACE financing allowing access to low-cost, long-term funding to complete the capital stack for the Resort.

The Black Desert Resort, developed by Reef Capital Partners, will include a luxury resort hotel, approximately 1,000 condos, 190,000 square feet of retail, restaurants, and commercial space, 25,000 square feet of event space, a full clubhouse, and a 19-hole golf course.

C-PACE is a unique, policy enabled financing mechanism for eligible energy, water and seismic efficiency measures in commercial property.

Recent Deals

April 2025

ussolarfund

a renewable energy fund invested in a portfolio of utility-scale solar power plants in the US, managed by

$165.5 Million

Senior Secured Credit Facilities

Coordinating Lead Arranger
Administrative Agent
Collateral Agent
Issuing Bank

us-solar-fund
April 2025

smartstop self storage reit

$931.5 Million

Initial Public Offering

Active Bookrunner

smartstop-self-storage-reit
April 2025

North Mathews & Brynhurst

$50.2 Million

Construction Loan, LIHTC Equity, & Permanent Loan

north-mathews-brynhurst
April 2025

miami inspiration housing

Miami Inspiration Housing

$35 Million

Construction Loan & LIHTC Equity

miami-inspiration-housing

Connect With Us

Find an Expert