Bayview PACE has recently announced its provision of $3.5 million in C-PACE financing for the construction of a new eight-story, 80-room expansion at The Broadway, a Hilton hotel located at 1111 East Broadway in Columbia, Missouri. This phase-two tower will span over 73,000 square feet and also include an additional 8,500 square feet of meeting space.
The project is being developed by Chesterfield Hotels Inc., adjacent to their successful first phase which opened in 2014. The first phase features a seven-story property with over 92,600 square feet and includes amenities such as guest rooms, meeting spaces,a restaurant,and bar.
PARIC Corporation from St.Louis has been selected as the general contractor for this second phase building. David Parmley founded Chesterfield Hotels and currently owns and operates multiple hotels within St.Louis and Columbia.Bayview PACE’s Commercial Property-Assessed Clean Energy (C-PACE) financing offers favorable terms that are cost-effective for energy improvements including lighting systems ,water systems,and other resiliency components.This funding can be utilized for both new constructions or renovations.
This news was originally reported by Connect CRE .
