Dealmaker: Bayview PACE Provides $137M C-PACE Financing for Westin Resort

(Illustration courtesy of Bayview PACE)

Bayview PACE, a division of Silver Hill Funding, LLC, provided $137 million in C-PACE funding for the development of the 502-key, $420 million Westin Cocoa Beach Resort & Spa in Cocoa Beach, Fla.

It is the largest C-PACE deal ever in Florida and the third largest in the U.S. hospitality sector.

Now under construction with a planned opening in early 2027, it is the fourth hospitality project in Brevard County by Coral Gables, Fla.-based developer Driftwood Capital.

Driftwood Capital CEO Carlos Rodriguez Sr. said the resort will help meet demand from the Space Coast’s new residents, vacationers and business users from growing aerospace and defense companies and Port Canaveral, one of the world’s busiest cruise ports.

Located on 500 linear feet of beach on one of the last oceanfront sites in the region, the new Westin will feature 69 suites among its 502 rooms in the main property and 11 food and beverage venues, a full-service spa & fitness center as well as 123,700 square feet of indoor/outdoor meeting & event space. A separate convention center adds another 51,700 square feet of space including a Grand Ballroom, Junior Ballroom and four Banquet Rooms with supporting food/restaurant facilities.

Commercial Property-Assessed Clean Energy financing (C-PACE) has been approved through legislation in 40 states, gaining popularity among real estate owners and the financial institutions looking to serve them. Bayview PACE is a division of Silver Hill Funding, LLC.