SpringHill Suites in Lakewood, Washington receives $13 million from PACE Loan Group for construction

Minneapolis, Minnesota (Aug. 18, 2025) – PACE Loan Group (PLG) provided $13 million in C-PACE financing for construction of a SpringHill Suites by Marriott Hotel in Lakewood, Washington, a Seattle suburb. In addition to the C-PACE funds, the project received $11.5 million from 1st Security Bank, with a total capital stack of $37.6 million.

The C-PACE proceeds cover energy conservation measures on the property, including ENERGY STAR windows, HVAC, domestic hot water heaters, lighting systems and controls, and high-rise building mechanical systems, which are expected to generate $114,371 in annual operational savings.

"This project was a strong fit for C-PACE, offering an accretive source of financing to support the development of a hotel in a high-performing lodging market. The streamlined process enabled the loan to close in approximately two months, allowing the developer to move forward with construction," said Parag Vipani, vice president - originations, PACE Loan Group

Located off Pacific Highway adjacent to Joint Base Lewis-McChord (JBLM)—the U.S. Department of Defense’s premier military installation on the West Coast and the largest employer in Pierce County—the 128-key SpringHill Suites benefits from a strategic location near multiple demand drivers, including the Port of Tacoma, MultiCare Tacoma General Hospital, Madigan Army Medical Center, and Pacific Lutheran University.

Media Contact:

Martha Nevanen

Martha@paceloangroup.com

651-492-5861