Business
Imperial Ridge Real Estate Capital Delivers $6.9 Million in Combination of C-PACE and Debt Financing for Houston Hotel-to-Housing Redevelopment
Imperial Ridge Real Estate Capital ("Imperial Ridge"), a national private commercial real estate lender based in Colorado, and Amalgamated Bank today announced they have partnered to provided $4 million in Commercial Property Assessed Clean Energy (C-PACE) financing. In addition to the C-PACE financing Imperial Ridge provided $2.9 million in senior construction financing to support the adaptive reuse of an aging unflagged hotel into much-needed workforce housing at 702 N. Sam Houston Parkway E i
About this update from Amalgamated Financial Corp.
[{"type":"text","content":"Capital stack solution to transform aging hotel into 137-unit multifamily asset with $13.4M in projected energy savings","length":119,"tagName":"p","attribs":{}},{"type":"text","content":"HOUSTON, July 15, 2025 /PRNewswire/ -- Imperial Ridge Real Estate Capital ("Imperial Ridge"), a national private commercial real estate lender based in Colorado, and Amalgamated Bank today announced they have partnered to provided $4 million in Commercial Property Assessed Clean Energy (C-PACE) financing. In addition to the C-PACE financing Imperial Ridge provided $2.9 million in senior construction financing to support the adaptive reuse of an aging unflagged hotel into much-needed workforce housing at 702 N. Sam Houston Parkway E in Houston. The property is located near George Bush Intercontinental Airport, an area experiencing strong demand for more attainable housing.","length":690,"tagName":"p"},{"type":"image","alt":"Imperial Ridge Real Estate Capital Logo (PRNewsfoto/Imperial Ridge)","displaySize":"","headline":null,"caption":"Imperial Ridge Real Estate Capital Logo (PRNewsfoto/Imperial Ridge)","className":"","disableSlideshowImg":false,"size":{"original":{"width":400,"height":100,"url":"https://media.zenfs.com/en/prnewswire.com/f9ffa261b2eec17812276c9dd9bd8c8b"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/QHOQ1QJ_5ypNuvxLuPDS5A--/YXBwaWQ9aGlnaGxhbmRlcjt3PTcwNTtoPTE3NjtjZj13ZWJw/https://media.zenfs.com/en/prnewswire.com/f9ffa261b2eec17812276c9dd9bd8c8b","width":400,"height":100}},"href":"https://mma.prnewswire.com/media/2731847/Imperial_Ridge_Logo_Logo_Logo.html","hrefExternal":true,"rel":"nofollow"},{"type":"text","content":"The 74,091-square-foot building, originally built in 1983 as a Holiday Inn, is undergoing a full renovation by The 702 LLC, which purchased the property in 2024. The team is in the process of converting the former 250-key hotel, which was suffering from deferred maintenance issues, into a mix of 137 studio and one-bedroom apartments.","length":335,"tagName":"p"},{"type":"text","content":"In addition to the C-PACE financing, Imperial Ridge provided $2.9 million in senior construction financing, delivering the full debt stack needed to complete the $9.2 million redevelopment. The Texas PACE Authority (TX-PACE) administered the assessment, as developers increasingly turn to innovative financing tools ...