Nathaniel Kelly Foote has secured $65 million in Commercial Property Assessed Clean Energy (C-PACE) financing to realise a mixed-use project featuring a Marriott hotel in the heart of the Rocky Mountains in Colorado. The loan was provided by Twain Capital Partners for the development of Foote's Rest in Frisco, Colorado, which will span 144,597 square feet and will be anchored by an 80-room Marriott Tribute Hotel.
The large-scale project will include a 13,500 square foot subterranean entertainment facility with bowling lanes and golf swing suites. Completion is scheduled for October 2027. St. Louis-based Twain Capital Partners has already financed over $265 million this year through its newly launched C-PACE platform.
Attractive Location and Strong Demand
Andy Meyer, Managing Partner at Twain, described the deal as attractive given the robust C-PACE programme in the state of Colorado. This programme allows property owners to finance 100 percent of the costs for sustainability improvements. Meyer also highlighted the solid demand in the hotel sector of the Frisco market. Frisco, located approximately 26 miles east of Vail and 15 minutes north of Breckenridge Ski Resort, faces a shortage of hotel capacity.
Meyer noted that Frisco is experiencing increasing year-round tourism. Underwriting was challenging due to the lack of direct comparable properties in Frisco. However, he expressed confidence that a hotel of this size and specification, including the planned amenities, will achieve very high occupancy.
Foote's Rest is being developed at 500 Main Street and will additionally offer a 4,000 square foot ballroom, 1,500 square feet of event space, a conference centre, restaurants, and a 10,000 square foot rooftop bar. Colorado-based Greenwood Hospitality will manage the property's operations.
Growth in the C-PACE Market
The Foote's Rest deal boosts Twain's lending volume since the lender launched its C-PACE business to complement its bridge lending platform in late 2025. Meyer reported that the company has closed $265 million in C-PACE loans in the past six months and has a pipeline of $140 million under contract, which is expected to be processed by the end of 2026.
Meyer, who joined Twain in July 2025 after six years at Petros PACE Finance, explained that Twain is benefiting from the positive development in the C-PACE market as more borrowers seek long-term, lower-cost capital for construction and renovation projects. The market for C-PACE transactions has grown from an average of $5 million to $10 million to a weighted average of over $25 million, with several financings exceeding $100 million in the past twelve months. C-PACE is now a standard component of many capital structures.
