Nuveen Green Capital Provides $40M C-PACE Loan For Philadelphia Multifamily Development

The loan transaction involved a multifamily property located at 499 North 5th Street in Philadelphia, PA. The property spans an impressive 432,645 square feet and comprises 329 units.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $40,000,000
• Loan Type: C-PACE
• Loan Terms: 30 years

Nuveen Green Capital served as the lender for this transaction, providing a $40 million C-PACE loan for sustainability measures. Shelah Wallace, the Director of Originations at Nuveen Green Capital, facilitated the loan on behalf of the lender.

The landlord for the property is Southern Land Company, a key player in the development of this multifamily apartment building in Philadelphia's Callowhill neighborhood. Working in collaboration with the Philadelphia Energy Authority, Southern Land Company partnered with Nuveen Green Capital to secure C-PACE financing for sustainability measures within the structure. The financing package, which amounted to $161.4 million and represented 25% of the Loan-to-Cost ratio, aimed to fund various energy efficiency measures, including HVAC, solar, lighting, and water savings. The use of C-PACE financing enabled the developers to access low-cost, long-term, fixed-rate funding for these sustainability initiatives.

This transaction marks Pennsylvania's largest C-PACE financed deal to date and demonstrates the commitment of Nuveen Green Capital and Southern Land Company to promote sustainable development in the state.