Bayview PACE closes $3.5M funding for MO hotel

Bayview PACE has provided $3.5 million in C-PACE financing for the construction of an eight-story, 80-room expansion of The Broadway, A DoubleTree by Hilton Hotel in Columbia, MO. The 73,000-sq.-ft. phase-two tower will also include more than 8,500 sq. ft. of new meeting space.

Chesterfield Hotels Inc. is building the project adjacent to the first phase of the hotel that opened in 2014, a 92,600-sq.-ft., seven-story property with 114 guestrooms, 3,600 sq. ft. of meeting space, a restaurant, bar and other amenities. The boutique hotel serves as the gateway to downtown Columbia and the North Village Arts District, and is close to three universities and the University of Missouri medical center complex.

The general contractor on the phase-two building is St. Louis-based PARIC Corporation. Construction is now underway and expected to be completed in 2024.

Chesterfield Hotels, founded by David Parmley, owns and operates a number of hotels in St. Louis and Columbia, MO.

According to Coral Gables, FL-based Bayview PACE, its Commercial Property-Assessed Clean Energy (C-PACE) financing offers favorable and cost-effective terms for qualified improvements in energy, lighting, water systems, building envelope and other resiliency components, and it can be applied to new construction as well as renovations.