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Ready Capital raises $141M via C-PACE for Ritz-Carlton Portland recap
The 35-story Block 216 Tower project totals 251 hotel keys, 131 condo units, and 159,000 square feet of office space, with the C-PACE structure aimed at retroactive financing for code-compliant portions of the building.
Ready Capital has secured $141 million in commercial property accessed clean energy, or C-PACE, debt to recapitalize The Ritz-Carlton Portland, a mixed-use, 35-story tower in Portland, Oregon, Commercial Observer reported. The deal follows Ready Capital assuming full ownership of the project after a foreclosure in July 2025.
The tower is the Block 216 development, completed in 2023, and it includes a 251-key hotel, 131 condominium units, and 159,000 square feet of office space. Commercial Observer said Peachtree Group originated the C-PACE loan for the project.
The Ritz-Carlton Portland construction began in 2019 and faced delays from the COVID-19 pandemic, along with broader struggles in the city economy. Commercial Observer reported that Peachtree Group’s Jared Schlosser said condo sales have moved at a healthy pace and that the hotel is positioned to benefit from improving conditions in the Portland market.
Schlosser also said C-PACE debt fit the recap because the newer building was developed under stringent building codes, leaving much of the project eligible for retroactive financing. Commercial Observer added that Ready Capital previously set the stage to own the property by acquiring an earlier construction loan valued at more than $500 million through a 2022 merger with Mosaic Real Estate Investors, and that it manages the asset with Lincoln Property Company.