Summary
Frontwave Arena is a state-of-the-art, mid-market, 7,500-seat sports and entertainment venue spanning 171,000 square feet, located in the affluent submarket of Oceanside, California within El Corazon, a 465-acre master-planned development. Home to the San Diego Clippers, the arena features premium fan experiences including local craft food concessions, bars, premium seating, 16 luxury suites, VIP viewing decks, and exclusive lounges. An approximately 36,000-square-foot outdoor plaza at the southwest corner of the site extends the fan experience beyond the arena floor, offering ocean views and activating a key portion of the master-planned campus.
Opportunity
NGC provided $49.7 million in C-PACE financing to recapitalize Frontwave Arena alongside senior lender Endeavor Bank. Recognizing that NGC’s C-PACE offered a more cost-efficient alternative to the sponsor’s existing assessment, Oside Arena Holdings utilized the financing to recapitalize previously completed energy, water efficiency, and resiliency measures, pay down a portion of senior obligations and city fees associated with procuring the certificate of occupancy, and fund future working capital to unlock meaningful liquidity while positioning the asset for long-term operational success.
