Peachtree Group closes $176.5m loan for Rio Hotel & Casino renovations

Peachtree Group has closed a $176.5m Commercial Property Assessed Clean Energy (CPACE) loan for Dreamscape Companies’ renovated Rio Hotel & Casino in Las Vegas.

This marks the largest credit transaction in the firm’s history and one of the largest CPACE financings in the US.

The financing, completed in under 60 days, retroactively funded the resort’s renovations and enabled the repayment of senior debt. 

CPACE loans allow commercial property owners to finance energy-efficient and sustainability-related improvements, with retroactive funding offering the benefit of reimbursing 100% of completed project costs.

The Rio also underwent a comprehensive renovation in 2024. 

The project included full upgrades to the Ipanema Tower suites, a redesigned casino floor, modernized heating and cooling systems, electrical infrastructure improvements, enhancements to the convention center and upgrades to dining and beverage outlets.

Exterior work also formed part of the renovation.

Good to know: Rio Hotel & Casino joined Hyatt’s Destination brand in 2023

“This deal highlights an inflection point for CPACE, with some of the nation’s largest financial institutions consenting to its use because they see the clear benefit to the capital stack,” said Jared Schlosser, head of originations and CPACE at Peachtree.

Greg Friedman, Peachtree’s CEO, described the transaction as both a milestone for the company and evidence of its growth in the private credit space. 

Peachtree has originated more than $1.5bn in CPACE loans to date, alongside activity in bridge, mezzanine and construction lending.

Carlos Mendez

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