Imperial Ridge Capital Closes on Rathbone Hotel Utilizing C-PACE Financing

The adaptive re-use development will convert the historic building into a boutique, limited-service hotel and parlor bar

BOULDER, Colorado (Mar. 15, 2023) – Imperial Ridge Real Estate Capital, a national, private commercial real estate capital provider based in Colorado, today announced the closing of the Rathbone Hotel and Parlor Bar, an adaptive re-use project in downtown Montrose, Colorado. The developer will utilize Imperial Ridge’s C-PACE capital on the project to transform the historic Knights of Pythias building into a boutique limited-service hotel.

“The Rathbone Hotel was a great use of C-PACE capital, and we are proud to continue to deploy capital into real estate projects that serve local communities, particularly here in our home state of Colorado,” said Joel Poppert, Managing Director of Imperial Ridge. “C-PACE financing allowed the client to lower their cost of capital and increase their leverage, thereby creating a stronger return threshold for the investors. Furthermore, C-PACE funding will help modernize the historic building to make it more energy and water efficient.”

The Rathbone Hotel is Imperial Ridge’s second adaptive re-use hospitality project, the first being the Blackstone Hotel in Omaha, NE. Imperial Ridge’s low-cost capital and ability to fund unique deals in local communities outside of the larger metropolitan areas make them one of the few C-PACE lenders with rural capabilities.

“Imperial Ridge stepped in when many other regional banks were turning us down due to economic headwinds. We were able to get our construction financed and lower our cost of capital through our partnership with Imperial Ridge,” said Clay Bales, owner and developer of the Rathbone Hotel. “C-PACE financing was a great solution for our project. IR’s creative approach and deeply rooted market knowledge allowed for a smooth transaction start to finish.”

The $6.5 million project is slated to be completed in 2024.

To learn more about Imperial Ridge C-PACE financing, please visit: https://imperialridgecap.com/c-pace/

About Imperial Ridge Real Estate Capital

Imperial Ridge Real Estate Capital is a private commercial real estate capital provider based in Colorado. The firm acts as a single source for a full suite of commercial real estate debt products, including C-PACE all designed to maximize the value of assets for commercial real estate owners, developers and asset managers nationwide. Imperial Ridge provides combined mortgage loan products aimed at meeting the unique needs of each transaction and better addressing an ever-changing marketplace. To learn more, please visit www.imperialridgecap.com.