Historic Crazy Water Hotel Secures First TX-PACE Loan in Palo Pinto County—What It Means for the Future of Mineral Wells
The Crazy Water Hotel has long been a cherished landmark in Mineral Wells, Texas—a place steeped in history, healing waters, and community spirit. Now, it’s making history once again by securing the first-ever TX-PACE (Texas Property Assessed Clean Energy) loan in Palo Pinto County. So, what does this TX-PACE loan mean for the Crazy Water Hotel, the town of Mineral Wells, and other property owners looking for smart, cost-effective ways to invest in their buildings? Let’s dive in.
What’s the Big Deal About This Loan?
Historic buildings like the Crazy Water Hotel come with undeniable charm—but also hefty maintenance costs. Keeping an aging property efficient, comfortable, and sustainable isn’t cheap. “TX-PACE funding allows historic properties like The Crazy Water Hotel to embrace modern sustainability while preserving their rich heritage,” said Charlene Heydinger, President of Texas PACE Authority. “This project is a prime example of how PACE financing can fuel economic development, increase property values, and reduce environmental impact, all while honoring Texas’ history.”
TX-PACE allows property owners to fund energy efficiency, water conservation, and resiliency upgrades with no upfront costs. Instead of digging into capital reserves or taking on traditional debt, owners repay the loan to the PACE Lender -often with payments that are offset by the cost savings from the upgrades themselves.
For the Crazy Water Hotel, this means long-term sustainability improvements that will keep this historic gem thriving without financial strain—a win for both preservation and progress. “This project proves that historic preservation and sustainability can go hand in hand,” added Cody Jordan, Investor and Project Manager of the Crazy Water Hotel. “Thanks to TX-PACE financing and our financial partners, we’re making lasting improvements that benefit the hotel and the broader community.”
How the Deal Came Together
Making this deal happen took teamwork. The Crazy Water Hotel development team, Palo Pinto County Commissioners, Judge Shane Long, and the City of Mineral Wells worked alongside Texas PACE Authority to bring TX-PACE financing to the area. The Crazy Water Hotel is the first, but certainly won’t be the last, project in the region to take advantage of this innovative funding tool.
A big shoutout goes to Clear Fork Bank, which played a crucial role in the process. As the original lender for the Crazy Water Hotel’s restoration, they supported integrating PACE financing into the project. Counterpointe SRE, this project’s PACE lender, also brought its expertise in financing sustainability projects, ensuring a smooth and successful transaction. To read more about the project details, click this link to go to the project summary: https://www.texaspaceauthority.org/project-list/
A Hotel That’s More Than Just a Business
Since reopening, the Crazy Water Hotel has been more than just a place to stay. It’s a Public Benefit Corporation (PBC), meaning it prioritizes positive social, environmental, and economic impacts alongside profitability.
With 88 local investors, the hotel’s success is a true community effort, and this latest financing move ensures it continues to be a catalyst for revitalization in downtown Mineral Wells. The hotel already boasts 74 beautifully restored rooms and suites, specialty shops, and the Crazy Coffee & Water Bar. It will offer a full-service spa incorporating the town’s legendary mineral waters—further cementing Mineral Wells as the “Wellness Capital of Texas.”
Interested in booking your next vacation, visit their website at www.thecrazywaterhotel.com
Why This Matters for Mineral Wells (And Beyond)
The Crazy Water Hotel’s PACE-financed upgrades are just one piece of the town’s broader transformation. With The Baker Hotel’s highly anticipated reopening in 2027, Mineral Wells is reclaiming its place as a top-tier wellness and travel destination.
For other commercial property owners, this deal proves that historic preservation and sustainability can go hand in hand—and that PACE financing is a powerful tool for funding essential upgrades without draining capital.
The Crazy Water Hotel is proof that you can modernize without sacrificing history—or financial stability. Interested in learning how PACE can work for your property?
We’d be happy to meet with you to go over project eligibility. To reach us directly, at admin@texaspaceauthority.org or call us toll free at 1-855-738-PACE (7223).