Ready Capital has secured $141 million in Commercial Property Assessed Clean Energy (C-PACE) financing for the Block 216 Ritz-Carlton tower in Portland, according to a report from The Registry Pacific Northwest Real Estate. The financing was arranged by Peachtree Group, which described the transaction as its second-largest C-PACE deal to date. The loan provides Ready Capital with a long-dated, non-recourse tool to recapitalize the tower.
The recapitalization follows Ready Capital's takeover of the property last summer after the original developer defaulted on more than $500 million in construction debt. The C-PACE structure is notable because it allows repayment through property tax assessments, typically offering longer terms and non-recourse features compared with conventional construction or bridge financing. The dossier identifies the sector as commercial real estate and the event type as construction financing.
The financing arrives against a challenging Portland central city backdrop. The source notes that Portland's central city faces a combined 39 percent vacancy rate, a figure that underscores the leasing and occupancy pressures facing large commercial projects in the market. For a lender that has already taken control of a distressed asset, securing long-dated C-PACE capital may provide balance sheet relief and reduce near-term refinancing risk, though the report does not specify how the proceeds will be allocated between project completion, debt repayment, or reserves.
What remains unknown is the full structure of the C-PACE loan, including its term, interest rate, and any conditions tied to energy-efficiency improvements. The evidence is limited to a single summary from a secondary source, and no corroborating filings or lender statements are included. The report does not disclose the tower's current occupancy, leasing velocity, or whether additional capital will be required. Readers should treat the $141 million figure and the characterization as Peachtree's second-largest C-PACE deal as reported claims rather than independently verified facts.