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March 3, 2022

Lodge lands $19M loan

Kevin Daniels' handsomely renovated Lodge at St. Edward State Park has received a $19 million loan for further work there. (The Kenmore hotel, restaurant and spa opened last year.) Petros PACE Finance announced what it calls a Commercial Property Assessed Clean Energy financing package. By adding an R for resiliency, Petros terms the funding a C-PACER deal. Daniels said in a statement, “The C-PACER financing was instrumental in making it possible for energy-related improvements and updated HVAC systems.” Petros says it's the first such sustainable development financing deal in our state. The company says, “C-PACE is a long-term financing product secured by a property tax assessment that provides developers with a more affordable alternative to mezzanine debt and equity. In Washington, this low-cost funding can be used for qualifying seismic improvements, energy and water efficiency, renewable energy and energy storage, fire protection, flood readiness and similar work.”




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