Uphoff Ventures has secured $41.13 million million in construction financing and $27.77 million in C-PACE financing to build Dellshire Resort, a 208-room themed resort and hotel in Wisconsin Dells, Wisc.
hall structured finance provided the first lien construction loan, while Nuveen Green Capital provided the C-PACE loan, which is the largest deal of that type in Wisconsin, so far, according to a release from Hall Structured Finance.
C-PACE, or Commercial Property Assessed Clean Energy, is a type of long-term financing mechanism that reduces the annual costs to sponsors’ energy-related maintenance upgrades or additions are made to new or existing buildings, thereby creating cost-effective incentives to make buildings more energy efficient.
JLL’s Adrienne Andrews and Jeffrey Bucaro arranged the financing.
“The hotel’s scenic location overlooking the Wisconsin River, coupled with the strong regional demand for waterpark-themed resorts, sets it apart from competitors and positions it for long-term success,” said Brad Ferguson, vice president and loan originator at Hall Structured Finance.
Located in Wisconsin Dells, a small city in central Wisconsin that is popularly viewed as the “Waterpark Capital of the World” due to its many theme parks and waterparks, Dellshire Resort will cater to the city’s reliable flock of tourists, which average roughly 4 million visitors a year.
The four-story hotel will sit on 40-acres of land and feature a Medieval theme. Onsite amenities will include six pools, a 9,500-square-foot entertainment center, a 6,500 square-foot event space, and a 222-seat restaurant.
Steve Uphoff, CEO of Uphoff Ventures, said in a statement this was the first deal his firm has made with Hall Structured Finance and called it “an excellent experience for our team.”
“Through their resources, they helped create magic for many generations to experience,” he added.
Brian Pascus can be reached at bpascus@commercialobserver.com