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.

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