Hudson Valley hotel project scores state’s largest clean energy loan

SY Holdings' Wildflower Farms in Gardiner billed as one of greenest hotel developments

Tri-State /
May.May 17, 2021 05:00 PM
Wildflower Farms (Auberge Resorts)

Wildflower Farms (Auberge Resorts, iStock)

SY Holdings’ Hudson Valley boutique hotel project scored a $21.6 million construction loan through the state-approved clean energy program. The development is being pitched as one of the greenest hotels in the country.

CleanFund provided the debt for the 65-room Wildflower Farms in Gardiner, according to Commercial Observer.

It’s the largest loan closed under New York state’s Commercial Property Assessed Clean Energy program, or C-PACE. The program provides cheaper financing for energy-efficient new construction and upgrades.

SY Holdings targets a fall 2022 opening, with Auberge Resorts Collection set to manage the property.

New York’s C-PACE program dates to 2009, and last fall the state started to allow such loans for new construction.

Few large projects have been financed with C-PACE loans, but they could see more use when New York City finalizes rules for the program. The city released updated guidelines in late April.

[CO] — Dennis Lynch


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