A rendering of the Outbound Yosemite Resort Project under construction in Oakhurst. Image contributed

Florida-based Bayview PACE has provided $19.8 million in financing for a new 140-room hotel in Oakhurst.

Construction has already begun on the Outbound Yosemite Resort project located at 42071 Highway 41.

The developer is Chicago-based real estate investment and property management firm Waterton, along with equity partner Argosy Real Estate of Wayne, Pennsylvania.

The project includes expansion and redevelopment of an existing 13-room hotel and eight parcels. Once the hotel is complete, the resort will include 135 luxury accommodations consisting of suites, standard rooms and cabins.

Other amenities include a full restaurant and bar, meeting spaces, a lobby-workstation area, an outdoor pool/whirlpool, outdoor seating area with fire pit, and associated parking. An additional five housing units are designated for workforce housing for local/area workers.

The general contractor for the hotel is Fresno-based Quiring General, LLC. The hotel operator will be Springboard Hospitality of Los Angeles.

The funding comes through the Commercial PACE (Property Assessed Clean Energy) Program, which provides loans for qualified improvements in energy, lighting, water systems and other components. Repayment of qualified projects is done via a voluntary property tax assessment collected by local governments — similar to other public infrastructure investments.

“We are excited to provide C-PACE financing that can support the business objectives of great project sponsors like Waterton and Argosy,” said Jason Clouet of Coral Gables, Florida-based Bayview PACE. “Bayview PACE is a market-leader in offering C-PACE financing that provides borrowers ultimate flexibility, certainty of execution, and highly competitive terms.”