TX-PACE Underwriting Enhancements Unlock $20 Million More for InterContinental San Antonio Riverwalk Project
Big news from the San Antonio Riverwalk! The iconic InterContinental San Antonio Riverwalk Hotel is maximizing the benefits of TX-PACE financing updates, accessing an additional $20 million in capital for its original energy and water efficiency upgrades, now totaling more than $48 million.
Funded by national leader in sustainable commercial real estate financing solutions, Nuveen Green Capital and made possible through Texas PACE (Property Assessed Clean Energy) financing, this major renovation is now one of the largest TX-PACE projects in state history. It’s more than a facelift, it’s a full-scale commitment to a cleaner, smarter future.
So, what’s new with the project? Thanks to increased property value and updated underwriting standards under the Texas PACE Act, the hotel was able to access additional capital to expand its original energy-saving plans. This means more efficient HVAC systems, better lighting, upgraded insulation, and water-saving plumbing, all helping the hotel slash operating costs while conserving precious resources for the City of San Antonio.
"This additional tranche of C-PACE financing reinforces our long-term vision for the InterContinental San Antonio Riverwalk and our commitment to contributing to a more sustainable and resilient downtown,” said Ethan Argov, Managing Director of Capital Markets and Investments at Trailbreak Partners. “This affordable long-term financing enables critical energy efficiency and building performance upgrades that reduce environmental impact, support San Antonio’s climate goals, and enhance the overall guest experience. We’re proud to participate in this innovative program that not only preserves a historic landmark but also drives long-term value for the community and our stakeholders."
And the ripple effects are impressive. This project alone pushes San Antonio’s total TX-PACE investment past $100 million, while statewide, Texas PACE Authority has helped facilitate over $540 million in sustainable upgrades for commercial, industrial, and multifamily properties.
Sean Ribble, Senior Director of Originations, Nuveen Green Capital said, “We were thrilled to partner with Trailbreak Partners and Texas PACE Authority to provide a second round of C-PACE financing for the notable InterContinental San Antonio. By deploying C-PACE to recapitalize previously installed energy efficiency measures, Trailbreak was able to lower costs once again, while realizing significant savings for the hotel. This transaction underscores how C-PACE, as a flexible and cost-effective financing mechanism, can be leveraged for new or ongoing construction projects, as well as a tool for recapitalization. We look forward to financing many more C-PACE projects in San Antonio — and across the great state of Texas.”
Why It Matters:
This isn’t just about a hotel, it’s about a movement. With every energy-efficient building upgrade, we’re making Texas businesses more competitive, communities more resilient, and our environment more sustainable.
About Texas PACE Authority
Texas PACE Authority (TPA), the nonprofit administrator of more than 100 local TX-PACE programs, is leading the charge for energy and water efficiency in Texas. TPA is on a mission to empower commercial, industrial, and multifamily property owners across Texas to make energy and water saving upgrades that save money, benefit the environment, and help their communities. We work with local governments, lenders, service providers and all other stakeholders to make businesses more profitable, save natural resources, and revitalize communities across Texas. To date our efforts have facilitated more than half a billion dollars in new investment in Texas.
Learn more at www.TexasPACEAuthority.org.
