PACE Loan Group brings $4.45 million C-PACE financing to Lawson’s Landing
Coastal RV resort and campground adds solar, wastewater management
Minneapolis, Minnesota (Jan. 15, 2024) – PACE Loan Group arranged a $4.45 million PACE loan secured by a special assessment for Lawson’s Landing, which will support the nearly 70-year-old campground’s new wastewater treatment, solar energy, and energy and water efficiency improvements. These improvements will facilitate and enhance new restrooms and rental cottages at the campground. Located in the northwestern corner of Marin County, California, the 608-acre campground borders the Pacific Ocean just north of Point Reyes National Seashore. The PACE assessment was closed through the California Statewide Community Development Authority (“CSCDA”) Open PACE program.
The family-owned and operated campground has been running since 1957, offering 311 RV and tent sites, and a general store. The upgrade includes installation of a state-of-the-art wastewater management system, which will treat and recycle water for agricultural use resulting in water and cost savings. This wastewater system will support the addition of new restrooms with hot showers, as well as 20 cottages, which will facilitate year-round short term non-RV stays to supplement existing RV and tent camping sites. The addition of the wastewater project will eliminate emission intensive septic waste removal by truck and create operational cost savings of approximately $1.1 million per year. Consistent with PACE objectives, on-site clean renewable energy and efficiencies are also positive steps toward combating climate change and sea level rise, which pose a threat to these affordable overnight coastal campsites.
“The additions to the property are aimed at turning Lawson's Landing into one of the most sought after vacation destinations on Tomales Bay,” said Mike Lawson, part of the current generation of the Lawson family who operates the campground. “The C-PACE funding source fits completely with our family’s mission to preserve and protect the coastland and wetlands. We’re proud to expand the amenities of the campground while also protecting the coastland, grassland, and waters.”
The project, which was expected to be completed by December 2024, received approval from the California Coastal Commission in April 2020. The Landing has already completed a new 5,000 sq. ft. barn, which used part of the PACE financing to add a 76.8 kW solar Photovoltaic system to partially offset the property’s operating energy requirements.
“This transaction really represents the flexibility of C-PACE financing and PLG, given that this was a non-traditional asset with a non-traditional capital structure. We were able to get creative to find the best way to support the improvements that the Lawson family wanted to implement,” said Jacob Roth, vice president – PACE Loan Group (PLG.)
Media Contact:
Martha Nevanen
651-492-5861
About PACE Loan Group
PACE Loan Group (PLG) is a national leader in the C-PACE marketplace, providing direct C-PACE financing to commercial property owners. PLG benefits from institutional support with capital from funds managed by AB CarVal, a subsidiary of Alliance Bernstein. The PLG team provides expertise up and down the capital stack, from origination and underwriting to loan servicing. To learn more about PLG, visit www.paceloangroup.com.