MILWAUKEE, Wis. — PACE Equity, the leading national Commercial Property Assessed Clean Energy (C-PACE) capital provider, announced the funding of a $63.3 million mid-construction recapitalization using long-term, fixed-rate C-PACE financing for the SkyRidge Resort, a premier luxury hospitality and mixed-use development in booming Deer Valley, Utah.

Designed for all seasons, SkyRidge Resort offers a refined mountain lifestyle with sweeping views of Deer Valley Resort and Jordanelle Reservoir. The golf experience includes a 310-yard range with 15 luxury hitting bays and a three-hole mountain course that converts into a nine hole short course. The Golf Clubhouse will feature a bar and restaurant, grocer café, and curated retail. The state-of-the-art Equestrian Center includes a 34-stall barn, indoor and outdoor arenas, a European walker, and scenic riding trails.

Anchoring the community, theStelle Lodge will be a six-story luxury resort offering a mix of ownership and transient upscale lodging. theStelle will offer inspired dining with a rooftop bar, an immersive spa, and world-class guest services. As a true mountain destination, SkyRidge ensures every season is an elevated experience. The SkyRidge Golf and Clubhouses are planning to debut in late 2025, with theStelle Lodge following in 2026.

The $63.3 million C-PACE financing covers about 42% LTC. funding completion of the lodge, clubhouse, and related resort amenities. By integrating C-PACE into the capital stack mid construction, the developers achieved a lower overall weighted average cost of capital while they covered remaining construction expansion. The project is an example of how C-PACE can cover a substantial and ever large portion of the capital stack.

“We chose PACE Equity because of the team. They had a local presence and professional approach – that’s what really resonated with us” said Tyler Aldous, managing director of SkyRidge Development. “C-PACE was a fit for us, and the team at PACE Equity worked hard to understand our business and tailor the approach to fit.”

The developer also qualified for PACE Equity’s proprietary CIRRUS Low Carbon certification, securing lower financing rates and additional energy savings by incorporating high-performance upgrades to the building envelope, electrical systems, HVAC, lighting, and plumbing. PACE Equity’s in-house engineering team supported the project design team, ensuring the maximum funding amount needed would qualify for C-PACE.

“C-PACE has emerged as a mainstream capital source for large hospitality and resort developments,” said Frank Swain, Originations Leader at PACE Equity. “This $63.3 million recapitalization is a prime example of the value C-PACE delivers—lower rates, stronger project returns, and the ability to fund at any stage of construction. With mid-construction refinancing like this one, we are seeing a clear application for major resort markets. This deal underscores how developers can use C-PACE recapitalizations for a strategic advantage.”

The project reflects PACE Equity’s ability to deliver financing across the construction life cycle, including funding for large assets with complex stacks. This project also marks another in the nationwide surge in C-PACE adoption—now enabled in 40 states—and the industry’s shift toward larger-scale transactions. C-PACE funding of large assets comes with a series of unique advantages including flexibility, deferred payments, and easy exits.

About PACE Equity

With deep C-PACE experience and a direct lending model, PACE Equity brings certainty to your capital stack. With almost $1 billion funded and $2 billion in committed capital, we provide long-term, low-cost, non-recourse financing that enhances returns and moves projects forward. We offer binding commitments and end-to-end management that developers trust. Learn more at pace-equity.com.