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)
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.

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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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