DALLAS, Aug. 20, 2024 (GLOBE NEWSWIRE) — Lone Star PACE, a leading administrator of the Texas Property Assessed Clean Energy program, today announced it has facilitated $27 million in C-PACE retroactive financing for the award-winning HALL Arts Hotel in the Dallas Arts District.
Proceeds from the financing will recapitalize previously installed sustainable energy and water-saving improvements, including improvements to the building envelope and electrical, lighting, HVAC and plumbing systems.
Lee McCormick, President of PACE of the lonely starsaid, “It was an honor to partner with HALL Group to build this innovative luxury hotel in the thriving downtown Dallas arts district. C-PACE retroactive financing is the perfect complement to projects that aim to promote sustainable development without sacrificing profitability in the process.”
C-PACE helps reduce energy and water consumption in commercial and industrial buildings by providing long-term, low-cost, fixed-rate financing for sustainable improvements. Property owners can use C-PACE to finance new construction as well as building renovations or modernizations.
Designed by HKS Architects with interiors by Bentel & Bentel, the 11-story building HALL Hotel of the Arts It includes 183 guest rooms and 19 suites, all with privately curated art collections. In addition to accommodation, HALL Arts offers a premier space for corporate and social events. An award-winning restaurant, Ellie's Restaurant and Loungeis also available on the site.
Mike Canning, Senior Vice President, Capital Markets, HALL Group, said: “We are proud to partner with Lone Star PACE on the PACE financing of the HALL Arts Hotel. C-PACE continues to be a positive product for advancing sustainability goals and an efficient form of financing in the current environment.”
About Lone Star PACE
Lone Star PACE serves as the Commercial Property Assessed Clean Energy (C-PACE) program administrator for cities and counties in Texas. We help local governments, economic development corporations, chambers of commerce, and trade associations promote economic development and conservation by facilitating C-PACE projects with property owners, PACE lenders, contractors, and other stakeholders. Our goal is to promote sustainability and increased property values while positively impacting cash flow and utility savings for property owners. For more information, visit www.lonestarpace.com
About HALL Group
HALL Group is a privately held, multi-billion dollar company headquartered in Dallas, comprised of a diverse group of subsidiaries spanning real estate, finance, winery and venture capital. Founded in 1968, the company focuses on four key areas: development and ownership of office, multifamily and hospitality real estate assets, including HALL Park, a 162-acre mixed-use development in Frisco, Texas, with a master plan underway that, when complete, will include 10 million square feet of commercial assets; HALL Structured Finance, a national lender of commercial real estate construction and bridge loans, primarily in the hospitality and multifamily sectors; HALL Family Wines, a producer of high-quality California wines including the HALL, WALT and BACA brands; and seed and angel financing for select venture capital investments. HALL Group also owns the HALL Collection, an immense collection of local and international artwork on display throughout the company’s properties. For more information, please visit www.hallgroup.com.
Media Contact
Olivia Lückemeyer
Director of Marketing and Media Relations for Lone Star PACE
970-497-6667
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