C-PACE financing from Nuveen Green Capital provided over $9M of the total project cost for energy efficient upgrades to the property. C-PACE worked seamlessly with a complex capital stack and historic tax credits to lower expenses and the total cost of capital. The improvements being financed by C-PACE are projected to generate approximately $254,000 of annual utility cost savings for the hotel.
The Plaza, a historic Art Deco styled 19-story hotel built in 1930 in downtown El Paso, will undergo a multimillion-dollar gut rehabilitation. The hotel has been out of service since the 1990s and will be brought back to life as the first 4.5-star luxury hotel in El Paso upon completion.
Nuveen Green Capital’s C-PACE was able to work alongside the property’s historic tax credits and reduce our required equity. We are excited to see the landmark Plaza Hotel reopen its doors under a private hotel brand later this year.