D.A. Davidson, Petros PACE Finance and Summit Vista Close Record-setting $160 Million C-PACE Financing Deal

Proceeds will finance eligible clean energy enhancements at Summit Vista, Utah’s largest senior housing community

D.A. Davidson’s Special District Group, in partnership with Petros PACE Finance, has successfully priced and closed $160 million in Commercial Property Assessed Clean Energy (C-PACE) financing for Summit Vista, Utah’s first life plan retirement community. Representing the largest C-PACE deal in history, the proceeds will be dedicated towards ongoing construction with a focus on enhancing the development’s energy efficiency, renewable energy and water efficiency.

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Following recent, historical C-PACE financing, this deal is a significant expansion of D.A. Davidson’s and Petros’ C-PACE portfolios and reinforces the partnership’s proven track record across amenity-rich residential communities.

“Our shared vision with the entire Summit Vista partnership, and our continued collaboration with Petros PACE Finance has uniquely positioned our team to accomplish the meaningful goal of providing a well-rounded, sophisticated and vibrant residential opportunity for Utah’s seniors,” said Brennen Brown, managing director at D.A. Davidson’s Special District Group. “We are proud of our collective team’s ability to strike the balance of identifying creative financial solutions for sustainable development and as a result, accomplish a historic deal in the process.”

C-PACE is a financing mechanism that allows property owners and developers to fund up to 100% of building retrofits and new construction to improve a building’s energy efficiency, renewable energy and water efficiency.

The record-setting deal size sets a new precedent and underscores the growing demand for C-PACE financing as a mainstream mechanism for developers and owners seeking enhanced returns on capital and speed to close while investing in critically important sustainability initiatives.

“Summit Vista is a prime example of the value of C-PACE financing, particularly within the senior living industry as it will not only meet the needs of residents, but offer lower financing costs, more flexibility across the capital stack and the ability to fund environmentally important improvements and innovations,” said Andy Meyer, managing director of Petros PACE Finance. “Petros’ funding of the largest C-PACE transaction in the industry to date illustrates our key competitive differentiators: our strategic collaboration with critical partners such as D.A. Davidson’s Special District Group and Gardner Group, a strong and flexible balance sheet, our certainty of close, our experienced and seasoned underwriting and our ability to deliver innovative solutions for some of the most complex and esoteric real estate development projects.”

Owned in partnership with Gardner Group, Wasatch Group and Solamere Capital, Summit Vista is a life plan community that delivers a unique retirement experience in Utah as it offers a full continuum of care, including independent living, assisted living, memory care and comprehensive skilled nursing in conjunction with its affiliated healthcare campus in Meadow Peak.

“This is a significant financial milestone for Summit Vista and reflects our collective commitment to building a sustainable, innovative and quality senior community for current and future residents,” said Chad Staheli, board chair at Summit Vista and CEO of Philo Ventures. “Thanks to strong partnerships with D.A. Davidson and Petros PACE Finance, we have the long-term financing and stability necessary to complete the buildout of our entire community.”

Approximately 13 miles south of downtown Salt Lake City, Summit Vista is nestled in the fast-growing region of Taylorsville, just below the Oquirrh foothills with breathtaking views of the Wasatch Front. It is also centrally located near major transportation corridors, enabling convenient connectivity to surrounding neighborhoods. In addition to onsite resort-style amenities, it offers easy access to Utah’s many beautiful state and national parks and renowned ski resorts.

About D.A. Davidson Companies

D.A. Davidson Companies is an employee-owned financial services firm offering a range of financial services and advice to individuals, corporations, institutions and municipalities nationwide. Founded in 1935 with corporate headquarters in Great Falls, Montana, and regional headquarters in Denver, Los Angeles, New York, Omaha and Seattle, the company has approximately 1,575 employees and offices in 30 states.

Subsidiaries include: D.A. Davidson & Co., a full-service investment firm providing wealth management, investment banking, equity and fixed income capital markets services, and advice; Davidson Investment Advisors, a professional asset management firm; and D.A. Davidson Trust Company, a trust and wealth management company.

For more information, visit dadavidson.com.

About Summit Vista

Summit Vista delivers a retirement experience unlike any other. Their mission is to provide peace of mind that people desire in retirement with the freedom to actively pursue the passions they crave in life. With a completion size anticipated at nearly 1,600 residential units, Summit Vista will be the largest independent senior living community in Utah and is the first life plan community in the state. Summit Vista is owned and developed by Gardner Group, Wasatch Group, and Solamere Capital, each of which is known for its support in building sustainable quality community developments. For more information, visit www.summitvista.com.

About Petros PACE Finance

Petros PACE Finance, LLC, owned by Apollo Global Management, is the national leader in the C-PACE marketplace, dedicated solely to providing long-term C-PACE financing to commercial property owners seeking to lower energy costs, reduce their carbon footprint and increase property values and meet environmental, social and governance (ESG) goals. Its leadership team has decades of executive-level experience in private credit and structured finance, with direct long-term institutional investor relationships. With billions in committed capital, Petros is able to close transactions in eligible C-PACE markets nationwide. To learn more about Petros PACE Finance visit our website at www.petros-pace.com.

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