Wasatch Group JV Secures $160M Financing
This marks the largest C-PACE deal to date.
The joint venture of Gardner Group, Solamere Capital and Wasatch Group has received $160 million in Commercial Property Assessed Clean Energy financing for Summit Vista, a life plan retirement community in Taylorsville, Utah. D.A. Davidson’s Special District Group and Petros PACE Finance priced and closed the transaction marking the largest C-PACE deal to date.
The ownership will use the proceeds for ongoing construction at the property, prioritizing energy-efficient features such as energy efficiency, renewable energy and water efficiency.
Located at 3390 W. Signal Peak Drive, Summit Vista comprises nearly 1,600 independent living, assisted living, skilled nursing and memory care units. Utah’s first life plan retirement community incorporates one- and two-bedroom floorplans ranging between 822 and 1,588 square feet. Common-area amenities include a swimming pool, a hot tub, a fitness center, an art studio, a library, a salon, a convenience store and outdoor garden areas. The community features medical care, on- and off-site transportation, 24/h security and cleaning services.
The senior housing community is approximately 13 miles south of downtown Salt Lake City. The property is close to several dining options, retail centers and transportation corridors, such as Route 154 and Interstate 215.