BakerHostetler team advises HB Capital in largest commercial clean energy loan in Florida for Newport Hotel/Resort in Sunny Isles

News / December 28, 2022

A BakerHostetler team, including Robert Webb and Macy Munz, advised client HB Capital Group in the largest ever C-PACE loan in Florida.

The $42 million loan, provided by North Bridge to HB Capital, will be used for extensive energy efficiency and resilience upgrades to the Newport Beachside Hotel and Resort in Sunny Isles Beach, located north of Miami. The renovations are expected to be complete in December 2023.

C-PACE loans are designed to finance environmentally-friendly, sustainable improvements to commercial projects. The principal on the loans is repaid through a special assessment alongside borrowers' local government property taxes. 

HB Capital specializes in acquiring and managing hotels as well as other types of real estate. Newport Beachside Hotel and Resort in Sunny Isles Beach is a mixed-use timeshare condominium hotel built in 1968.

BakerHostetler partner John Melicharek provided opinion review on this transaction.