FirstPathway Partners and Clearwater PACE Provide $95M Debt Package for Utah Wellness Resort

Why It Matters

The financing mix demonstrates how EB‑5 and C‑PACE can bridge construction capital gaps, lowering borrowing costs for hospitality projects. It signals growing institutional confidence in these alternative tools across real‑estate development.

Key Takeaways

• FirstPathway supplied $62M senior loan, EB‑5 backed, for Ameyalli resort.
• Clearwater PACE contributed $33M C‑PACE loan for energy‑efficiency upgrades.
• Combined debt package totals $95M for $130M Utah wellness development.
• EB‑5 investors seek institutional‑grade credit, not just green cards.
• C‑PACE emerges as a preferred capital source amid construction financing constraints.

Pulse Analysis

Wellness tourism is booming, yet developers often struggle to secure traditional construction financing amid tighter credit markets. Programs like EB‑5, which grant foreign investors permanent U.S. residency in exchange for capital, have evolved into sophisticated funding sources that offer institutional‑grade credit structures. Similarly, Commercial Property Assessed Clean Energy (C‑PACE) financing provides long‑term, fixed‑rate loans tied to property liens, making it attractive for projects with significant sustainability components. Together, these alternatives enable developers to lock in lower rates while meeting green‑building standards.

The Ameyalli resort in Midway, Utah, illustrates this financing synergy. FirstPathway Partners' $62 million senior loan, underpinned by EB‑5 capital, covers core construction costs for the 80‑room hotel, wellness center, and ancillary residences. Clearwater PACE's $33 million C‑PACE loan is earmarked for energy‑efficiency and water‑conservation upgrades, reducing operational expenses and enhancing the project's ESG profile. An additional $1.6 million EB‑5 tranche funds the townhome segment, ensuring the entire development benefits from blended, low‑cost capital. The involvement of celebrity chef Charlie Palmer adds brand cachet, positioning Ameyalli as a premium destination.

Beyond this single project, the deal signals a broader shift in real‑estate finance. As construction capital remains constrained, sponsors are increasingly turning to hybrid structures that combine immigration‑linked equity with climate‑focused debt. The recent $300 million C‑PACE platform backed by Ares Alternative Credit underscores institutional appetite for scaling these instruments. Expect more developers to adopt EB‑5 and C‑PACE blends, especially for high‑visibility hospitality and mixed‑use assets, as they seek to optimize cost of capital while meeting sustainability mandates.

Deal Summary

FirstPathway Partners and Clearwater PACE together supplied a $95 million debt package—including $62M senior construction financing and a $33M C‑PACE loan—to fund the Ameyalli wellness resort near Park City, Utah. The financing, backed by EB‑5 visa program capital, also includes a separate $1.6M EB‑5 loan for residential components, highlighting the growing use of C‑PACE and EB‑5 structures in hospitality development.