Petros PACE Finance Closes Largest C-PACE Deal in History with $153 Million Financing Towards $820 Million Black Desert Resort Project

Ivins, Utah Based development led by Reef Capital Partners

Petros’ solid balance sheet and immediate access to capital make financing easier

The deal marks the growing acceptance of C-PACE as the preferred financing tool for developers and owners

Austin, Texas, October 3, 2022 /PRNewswire/ — Petros PACE Finance (Petros), the country’s largest C-PACE provider and a leading provider of innovative and structured finance, announced today that it has closed in a record $153 million C-PACE funding under the $820 million580 Acres World Class Development, Black Desert Resort Project in Ivins, Utah. Nearby Zion National Park In one of the fastest growing metropolitan areas in the country, Phase 1 of Black Desert Resorts will include a luxury resort hotel, approximately 1,000 condominiums, 190,000 square feet of retail, restaurant and commercial space, 25,000 square feet of event space, a full clubhouse and a Tom Weisskopf-Designed 19-hole golf course. The development is currently under construction and upon completion will be the largest hospitality offering in the state Utah. Phase I of the project is scheduled to open in autumn 2024.

Commercial Property Assessed Clean Energy (C-PACE) is a recognized financing mechanism for energy efficiency, water efficiency, renewable energy and resilience projects. Through C-PACE, property owners can finance building retrofits, gut repairs and new builds with no upfront costs; and in some markets, eligible projects may be funded retrospectively to replace more expensive funding.

The Black Desert Resort financing is the largest single transaction in C-PACE’s history and is approximately 50% larger than the previous all-time high. Petros, the industry leader, is working with the project’s sponsor, Reef Capital Partners, a nationally recognized, diversified, vertically integrated commercial real estate investment firm that creates and manages private debt and private equity real estate transactions. This landmark agreement underscores the growing acceptance of C-PACE as a mainstream financing mechanism for developers and owners seeking a higher return on investment and faster completion while investing in critical sustainability initiatives.

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Mansur GhoriCEO and co-founder of Petros PACE Finance, stated, “C-PACE has established itself as the mainstream financing vehicle of choice for large, complex integrated commercial construction and renovation projects across the country. The Black Desert Resort financing is a perfect example of the value C-PACE financing brings to property owners: lower financing costs, greater flexibility across the capital stock and the ability to fund environmental improvements and innovations. This deal – at a factor of 150 % the largest the industry has seen to date, underscores our key competitive differentiators: a strong and flexible balance sheet, the assurance of a tight, experienced and experienced underwriter, and the ability to deliver innovative solutions on some of the most complex and esoteric real estate projects. We are grateful for the support of Reef Capital Partners who understood the value of our value proposition and worked together to bring this transaction to completion.”

Patrick ManningManaging Director of Reef Capital, added: “Reef Capital Partners is delighted to be working with the Wonderful City of Ivins to build a world-class resort in the most beautiful place on earth State of Utah. We believe Black Desert Resort will be the most eco-friendly resort ever built, with Reef over-spending 200 million dollars on project components that are more environmentally friendly than required by law. Being great stewards of this remarkable land is at the heart of every decision we make on this project. Petros was the perfect financing partner for this development and it’s easy to see why they are the largest and most successful PACE finance company in the world. They have the experience, flexibility, expertise and track record to bring a project of this magnitude to fruition and it has been an absolute pleasure working with them throughout the process. ”

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That $153 million The funds will be used by Reef to fund numerous eligible energy efficient and failsafe solutions including exterior and interior improvements such as LED lighting, HVAC and thorough seismic reinforcement throughout The Black Desert Resort. In addition, funds will be used to implement the greatest use of cost-effective, innovative low-voltage cabling throughout the development.

Jim StanislausChief Financial Officer and Co-Founder of Petros, said: “In this volatile interest rate environment, developers and property owners are looking for a C-PACE financing partner that can reduce costs, act quickly and flexibly across the capital stack and deliver with billions in committed capital Through a range of blue-chip sources, Petros is uniquely positioned to provide a range of structured financing solutions that unleash the power of a property owner’s balance sheet and unlock the critical cash flow they invest in cutting-edge sustainable construction and design.”

“We are grateful for the support and partnership of Reef Capital, who immediately recognized the power of our financing program and its contribution to the overall project’s success. Our partnership with Black Desert Resort, a world-class resort under construction in one of the fastest growing and economically exciting parts of the country, is a great example of how C-PACE funding can be used to add value to the balance sheet “The size of this transaction is a clear signal that Petros’ C-PACE funding is a viable tool for the largest and most advanced developers and owners,” he said Andy MeyerManaging Director of Originations at Petros.

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Petros PACE Finance

Petros PACE Finance, LLC is the national leader in the C-PACE marketplace exclusively dedicated to providing long-term C-PACE financing to commercial real estate owners looking to reduce their energy bills, reduce their carbon footprint and enhance property value, as well as ecologically and want to achieve social goals and governance (ESG) goals. The leadership team has decades of senior-level experience in the retail credit and structured finance space with direct long-term relationships with institutional investors. With billions of dollars in committed capital, Petros is positioned to complete transactions in eligible C-PACE markets nationwide. To learn more about Petros PACE Finance, visit our website at

Partners of Reef Capital

Reef Capital Partners and its subsidiaries specialize in the creation and management of value-added private equity real estate transactions and opportunistic personal loan transactions secured by commercial real estate. Our corporate synergies and experience allow us to source, structure and manage attractive investment opportunities across the capital stack for a specific real estate opportunity. Since 2005, Reef’s team of professionals has partnered with and managed the assets of over 700 institutional and individual partners worldwide.

Black Desert Resort

Reef Capital Partners is developing the Black Desert Resort. After expansion, the property will offer 150 hotel rooms; 1,050 apartments; miles of hiking trails nearby; a wellness spa; and 46,160 square feet of retail and restaurant space. The property will also include 32 single-family home lots and approximately 214,000 square feet of commercial space, with resort center amenities available for full-time residents.

SOURCE Petros PACE Finance, LLC

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