Lone Star PACE Facilitates $27M in Retroactive C-PACE Financing for Luxury Hotel in Dallas Arts District
DALLAS, Aug. 20, 2024 (GLOBE NEWSWIRE) -- 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.
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.”
About Lone Star PACE
Lone Star PACE serves as a program administrator for city and county Commercial Property Assessed Clean Energy (C-PACE) programs in Texas. We help local governments, economic development corporations, chambers of commerce and trade associations promote economic development and conservation by facilitating C-PACE projects with property owners, PACE lenders, contractors and other stakeholders. Our goal is to promote sustainability and increased property values while positively impacting cash flow and utility savings for property owners. To learn more, visit www.lonestarpace.com
About HALL Group
HALL Group is a Dallas-based, multibillion-dollar, private company made up of a diverse group of subsidiaries spanning real estate, finance, winemaking, and venture capital. Founded in 1968, the company focuses on four key areas: development and ownership of office, multifamily and hospitality real estate assets including HALL Park, a 162-acre, mixed-use development in Frisco, Texas with a masterplan underway that, when complete, will include 10 million square feet of commercial assets; HALL Structured Finance, a national commercial real estate construction and bridge loan lender, primarily in the hotel and multifamily sectors; HALL Family Wines, a producer of high-quality California wines that includes the HALL, WALT and BACA brands; and angel- and seed-round funding for select venture capital investments. HALL Group also owns the HALL Collection, an immense compilation of local and international artwork on display throughout the company’s properties. For more information, visit www.hallgroup.com.
Media Contact
Olivia Lueckemeyer
Director of Marketing & Media Relations for Lone Star PACE
970-497-6667
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d59d813d-b6f3-4cc9-b9f6-096342095c1c
HALL Arts Hotel
The award-winning HALL Arts Hotel is located at 1717 Leonard St. in Dallas.
