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.
[CO] — Dennis Lynch