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

Minneapolis, Minnesota (Aug. 18, 2025) – PACE Loan Group (PLG) has provided $13 million in C-PACE financing to support construction of a SpringHill Suites by Marriott hotel in Lakewood, Washington—a thriving suburb of Seattle.

This C-PACE financing complements $11.5 million from 1st Security Bank, creating a total capital stack of $37.6 million. The proceeds cover a range of energy upgrades—ENERGY STAR windows, efficient HVAC, domestic water heaters, lighting systems & controls, and high-rise mechanical systems—slashing operational costs by approximately $114,371 annually.

Parag Vipani, Vice President of Originations at PACE Loan Group, noted:

"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

Strategically located off Pacific Highway near Joint Base Lewis-McChord (JBLM)—one of the West Coast’s largest military installations and a major employer—the 128-key SpringHill Suites benefits from proximity to key demand drivers like 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