PACE Equity funded $7 million in capital for a 154-room Cambria hotel in downtown Detroit, a new construction and partial redevelopment project that transforms an underutilized building and contributes to the connectivity on the west side of Downtown Detroit’s Central Business District. The project is notably the first Cambria hotel to enter the Detroit market, the first new construction PACE project in Michigan and the largest PACE project in the state of Michigan to date.
Beyond contributing low-cost capital that replaces more expensive funding such as short-term loans or mezzanine, and outside or joint venture equity, PACE Equity acted as a one-stop shop making the experience user-friendly for all parties and provided additional value by managing the entire life cycle of the funding process.