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Former NASA Housing Development Receives C-PACE Financing
PACE Equity has financially supported the redevelopment of a former NASA Glenn Research Center housing development into a boutique hotel. The Orbit Hotel by Wyndham in Fairview Park, Ohio, received $4.3 million in Commercial Property Assessed Clean Energy (C-PACE) financing from Milwaukee-based PACE Equity.
PACE Equity worked with Westlake, Ohio-based developer Ceres Enterprise to provide financing support for the redevelopment of the “L Building,” into a boutique hotel. Ceres Enterprises principal David Crisafli credited PACE Equity with easing the $15 million hotel development process. “When everything else was complicated, PACE Equity stood out as easy. They worked with us as we figured out the mechanics of multiple layers of complex financing,” Crisafli said.
PACE Equity comprised 28% of the development’s capital stack. “Our financing fit easily into this complex capital stack — a big advantage of CPACE financing,” said Beau Engman, president and founder of PACE Equity.
