Nuveen Green Capital And OceanFirst Bank Collaborate On $72.6M Financing Package For Refrigerated Warehouse Development By FreezPak Logistics In Philadelphia

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.