Summary
Hampton Inn and Home2 Suites encompasses a new, five-story, 189-key hotel located in Antioch, TN. Once complete, the hotel will be part of Century Farms, a rapidly growing, new300+ acre master-planned development — 10 miles southeast of downtown Nashville. The development, which is centered around the recently completed Century Farms Parkway, includes a Tanger Outlets, an employee Community Health Systems operations center, and the headquarters for Major League Soccer's Nashville SC team. Future phases of development will include the addition of multifamily housing, hotel, and retail destinations.
Opportunity
NGC provided $9.9 million (28.9% LTC) in C-PACE capital alongside Mountain Commerce Bank to fund energy and water efficiency measures for the development as part of the overall $34.2 million project. The Nashville-based Sponsor, SiLa Developments, which specializes in hospitality and mixed-use projects, deployed C-PACE’s cost-effective capital alongside senior debt, which eliminated the need for additional financing. The strategic use of C-PACE allowed the Sponsor to fill a gap in their capital stack, while streamlining their financing package and lowering overall project costs.
