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Hudson Valley hotel scores state’s largest clean energy loan
SY Holdings’ Wildflower Farms in Gardiner billed as one of greenest hotel developments
![Wildflower Farms (Auberge Resorts)](https://static.therealdeal.com/wp-content/uploads/2021/05/1200-Cleanfund-and-SY-Holdings-close-New-Yorks-largest-C-PACE-loan-for-Hudson-Valley-hotel-project.jpg)
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