FINANCED
Nuveen Green Capital And OceanFirst Bank Collaborate On $72.6M Financing Package For Refrigerated Warehouse Development By FreezPak Logistics In Philadelphia
2201 east allegheny avenue
Industrial
170,117 SF
170,117 SF
Financed 1 year ago
Summary
Loan
PENNSYLVANIA
Industrial
170,117 sqft
An industrial property located at 2201 East Allegheny Avenue in Philadelphia, PA has been involved in a loan transaction.
Summary of transaction details
- Property Type: Industrial
- Loan Amount: $30,083,709
Nuveen Green Capital provided the loan for this construction project. The loan terms include a 30-year self-amortizing repayment plan with capitalized interest for the first 41 months.
BG Capital is the landlord of the property. The loan amount of $30,083,709 will be used to fund the development of a built-to-suit refrigerated warehouse facility pre-leased by FreezPak Logistics. The financing package was a collaboration between Nuveen Green Capital and OceanFirst Bank, totaling $72.6 million (77.2% LTC).
C-PACE (Commercial Property Assessed Clean Energy) financing will be utilized to incorporate energy efficiency measures throughout the structure, enabling the building to exceed the requirements of the Philadelphia Energy Code by being 30% more energy efficient. The Philadelphia Energy Authority and developer BG Capital partnered with Nuveen Green Capital in funding $30 million of C-PACE financing for the sustainability measures in this $94 million development project. It is worth noting that this deal represents the largest C-PACE deal to close in Pennsylvania.
For more information, visit: nuveen.com/greencapital.
Players
All
1
Lenders
1
Details
FINANCED
IMAGE: Shelah Wallace, Connor Wolfe, Joseph Byrne & Tyler Huffman
DATE: 11/30/2022
ADDRESS: 2201 East Allegheny Avenue
MARKET: Philadelphia, PA
ASSET TYPE: Industrial ~ SF: 170,117
LENDER: Nuveen Green Capital
LANDLORD: Bg Capital
LOAN AMOUNT: $30,083,709
LOAN TYPE: Construction
LOAN TERMS: 30-Year Self-Amortizing / Capitalized Interest: 41 Months
NOTE FROM LENDER: Nuveen Green Capital, a national leader in C-PACE (Commercial Property Assessed Clean Energy) and sustainable financing solutions, and OceanFirst Bank collaborated on a $72.6.6mm (77.2% LTC) financing package to capitalize the development of a built-to-suit refrigerated warehouse facility pre-leased by FreezPak Logistics. C-PACE will be used to fund the build-out of the racking system as well as multiple energy efficiency measures throughout the structure. These measures will enable the building to be 30% more energy efficient than is required by the Philadelphia Energy Code.
C-PACE enables commercial property owners and developers to access low-cost, long-term, fixed-rate financing for sustainability measures (HVAC, Solar, lighting, water savings) in new, retrofit, or retroactive projects. Nuveen Green Capital partnered with developer @BGCapital and the Philadelphia Energy Authority to fund $30M in C-PACE financing for sustainability measures as part of this $94M new development project.
This is the largest C-PACE deal to close in Pennsylvania!
To learn more, visit: nuveen.com/greencapitalView on map
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Address2201 east allegheny avenue
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