Nuveen Green Capital, the Philadelphia Energy Authority and the owners of 4002-22 Ridge Avenue closed the 10th C-PACE deal in Philadelphia with $3,083,268 to finance energy efficiency and water conservation measures for a new 756-unit self-storage facility. Fact sheets for this project and all PA C-PACE projects can be found here.
More than $69 million of private capital utilizing the C-PACE program has been invested in energy efficiency, water conservation and solar energy during the first two years of the program’s inception in Philadelphia.
The property owner’s representative, Jeremy Terr of Argo Property Group, noted that “C-PACE filled a hole in our capital stack that would have made completing the project much more difficult. Going through the process we learned we were also benefiting from environmentally smart building methods and technologies and we were pleased there is a program to move more developers into this mindset during the design phase.”
This project is notable because of the speed it was approved and closed. It took just under two months from submission of the pre-application to recording the C-PACE assessment.