PACE Equity, a financial firm based in Milwaukee, provided $4.3 million in Commercial Property Assessed Clean Energy (C-PACE) financing to support the redevelopment of a former housing development at NASA Glenn Research Center into a boutique hotel. The newly opened Orbit Hotel by Wyndham is located in Fairview Park, Ohio and was developed by Ceres Enterprise with assistance from PACE Equity.
According to David Crisafli, principal of Ceres Enterprise, PACE Equity played an essential role in simplifying the complex process of developing the $15 million hotel project. He praised their ability to work through multiple layers of financing and make it easier for them. In total, PACE Equity contributed 28% towards the project’s capital stack.
Beau Engman, president and founder of PACE Equity highlighted how their financing seamlessly fit into this intricate capital stack thanks to CPACE funding’s flexibility and advantages. This successful collaboration between all parties involved has resulted in another exciting addition to Fairview Park’s hospitality industry.
