Contact:
Kimberly Johnsto
608-729-6900 or None
kjohnston@slipstreaminc.org
Wisconsin Closes Largest C-PACE Project for the Dellshire Resort
PACE Used as Key Part of Capital Stack for New ConstructionJuly 5, 2025
(Madison, WI) The largest commercial property assessed clean energy (C-PACE) loan to date was recently completed in the Wisconsin Dells, the “Waterpark Capital of the World.” Nuveen Green Capital provided $28.8 million in PACE financing, in partnership with Hall Structured Finance for the new Dellshire Resort.
The new four-story Medieval-themed hotel, complete with a 60-foot fire-breathing dragon sculpture, will be complemented by costumed knights and dragon-themed interactions throughout the hotel. The property will sit on a 48-acre site in Wisconsin Dells at 2255-2325 Wisconsin Dells Parkway and will include 208 rooms and feature a 222-seat restaurant, six pools (three indoor and three outdoor), a swim-up pool bar, 9,500-sq. ft arcade and family entertainment center, ATV rentals, and approximately 6,500 sq. ft of meeting and event space.
Sean Ribble, Senior Director of Originations for Nuveen Green Capital, said, “We were proud to provide C-PACE (Commercial Property Assessed Clean Energy) financing in partnership with HALL Structured Finance to fund this exciting new development. This project marks a significant milestone as the largest C-PACE transaction to date in the great state of Wisconsin – demonstrating the size and scale of C-PACE as it continues to expand both in use case and in transaction size. It is exciting to see resourceful sponsors like Uphoff Ventures leverage C-PACE’s accretive benefits to finance their projects to build energy efficiently, while realizing significant cost savings. We look forward to providing C-PACE’s cost-effective capital for many more projects in Wisconsin!”
Measures included in the PACE financing were energy efficiency and water efficiency, along with associated soft costs. Upgrades included the building envelope: roof, walls, windows, and doors, slab on grade upgrade, along with energy-efficient LED lighting, HVAC upgrades, water heater, and low-flow fixtures, upgraded elevators, and pool equipment. Building a better building will not only save the property owner millions of dollars in utility costs over the course of the building’s life, but it will also have an impact on the environment around it. Based on EPA data, the project will save 454,048 kwh per year, 27,941 therms, and 470 metric tons of CO2—that is equivalent to saving 471 acres of U.S. Forest in one year or 1,196,883 miles driven by an average gas-powered passenger vehicle.
Commercial property assessed clean energy (C-PACE) is a green financing program for commercial property owners. It is a financing program enabled by the state to encourage more energy efficient building practices. Through the C-PACE program, a commercial property owner has access to low-cost, long-term, green financing for energy, water, renewable or resiliency improvements.
To date, the PACE Wisconsin program has closed 109 projects totaling $256,516,759 in green finance.
The PACE Wisconsin Program is administered by Slipstream, a mission-based nonprofit, headquartered in Madison, Wisconsin. Slipstream’s mission is focusing on accelerating climate solutions for everyone and was one of the core stakeholders that brought C-PACE to Wisconsin—along with the Wisconsin Counties Association (WCA), the League of Wisconsin Municipalities (LWM), the Wisconsin State Energy Office, and Wisconsin Green Tier Legacy Communities (GTLC). PACE Wisconsin helps commercial property owners to make Wisconsin’s built environment and communities more environmentally sustainable, while providing access to long-term, fixed rate capital for energy efficiency, renewable energy, and resiliency projects. Learn more at www.pacewi.org.