Mission Capital Debt & Equity, part of Marcus & Millichap Capital Corporation, has arranged $64 million in financing for the development of The Godfrey Hotel Detroit in Detroit, Michigan.
An MCDE team led by Jordan Ray, Steve Buchwald and Jamie Matheny exclusively represented the sponsor, a joint venture between longtime client Oxford Capital Group and Hunter Pasteur Homes.
This shovel-ready project is in an Opportunity Zone in the rapidly appreciating Corktown neighborhood of Detroit. Sitting on Michigan Avenue between 8th and 9th streets, the 4.5-star luxury lifestyle hotel will span 145,000 square feet and include 227 keys. Amenities will include a 9,600-square-foot indoor-outdoor bar and lounge, a 7,100-square foot chef-driven restaurant, a 9,000-square foot ballroom and meeting space, another 6,200-square foot ballroom and a fitness center.
The project is part of a master development that will include two adjacent apartment complexes. The residential component is not part of this financing.
