Nuveen Green Capital Funds $18.5M Construction Loan For Stark Living-Gaekwad Community

The property asset at 16152 Southeast 77th Northridge Court in Summerfield is a 252-unit, 64-building multifamily development known as the Stark Living-Gaekwad Community, Summer Pointe Village. The construction of this build-to-rent community in Marion County, Florida, spans 288,900 square feet and is being financed by Nuveen Green Capital and Huntington National Bank for $40.5 million. The project utilizes C-PACE financing to enhance energy efficiency through various measures such as building envelope improvements, HVAC upgrades, and lighting enhancements.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $18,500,000
• Market: Summerfield
• Lender: Christopher Ellis & Kaitlyn Kennedy - Nuveen Green Capital
• Landlord: Stark Enterprises
• Loan Type: Construction Loan
• Loan Terms: 30 years

Christopher Ellis and Kaitlyn Kennedy from Nuveen Green Capital are working in collaboration with Huntington National Bank to provide the necessary financing for this ambitious project. Stark Enterprises is the landlord overseeing the development of the Stark Living-Gaekwad Community, Summer Pointe Village. The use of C-PACE financing not only aids in completing the debt stack for the project but also reduces the exposure of the senior lender, highlighting innovative financial strategies deployed in real estate development.