ECHO Suites is a 124-room extended stay hotel in Johnson City, Tennessee, completed in Spring 2025. C-PACE financing was used retroactively to cost-efficiently recapitalize the completed project, covering insulation, windows, LED lighting, HVAC, DHW, and elevator improvements.
Highlights
Pathway Lending funded this $4M retroactive C-PACE transaction through the FASTPACE platform, enabling the sponsor to recapitalize the asset shortly following completion. This was the first PACE project closed in the Johnson City C-PACER Program, with Pathway Lending able to efficiently transact in the new program through FASTPACE.
Results
The retroactive C-PACE financing provided an attractive recapitalization option for the sponsor, freeing up equity from the completed development while securing long-term, fixed-rate financing for the eligible improvements.