Lubert-Adler & Northbridge ESG LLC Close $25.6MM deal, the Third Largest in Pennsylvania

C-PACE was used at the completion of construction for six of 12 separate condo units at the Battery, an adaptive reuse of the old PECO generating station

The Battery is an adaptive reuse project by Lubert-Adler located at 1325 Beach Street. The former PECO power plant was transformed into a first-class mixed-use project including hospitality, multifamily, retail, and commercial spaces.  The building fronts the Delaware river in the Fishtown neighborhood of Philadelphia and is located in an Opportunity Zone and abuts Penn Treaty Park. North Bridge provided C-PACE proceeds at TCO for work that had already been completed as part of the large-scale renovation. This was Northbridge’s first C-PACE financing in Pennsylvania. Fact sheets for this project and all PA C-PACE projects can be found here

Laura Rapaport of North Bridge stated, “We are thrilled to provide capital for this innovative adaptive reuse and repurposing for this former power plant that has been transformed into a mixed-use campus with multifamily residences, offices and event space. We are excited to be part of such a pivotal transaction that provided a market solution within a fully institutional capital stack (borrower and lender). This project also demonstrates the ability for developers to improve energy savings and upgrade outdated infrastructure with efficient and sustainable measures”.

Philadelphia City Councilmember Mark Squilla (1st District) is “thrilled to see C-PACE being used for energy efficiency improvements to this magnificent adaptive reuse of an old PECO generating station. $26.6 million invested in energy and water conservation for an iconic building that is part of the Delaware River waterfront revitalization effort is a win-win-win. This financing shows that C-PACE is a great solution for building owners to significantly reduce energy consumption thereby lowering operating costs, improving property value, and combating climate change.”

“This project is a great example of how clean energy financing enables important capital improvements and creates economic development. At the Philadelphia Energy Authority, we use energy as a tool for positive local impact, and this project exemplifies that,” said Lisa Shulock, Director of Commercial Programs at the Philadelphia Energy Authority, which administers the Philadelphia C-PACE program. “We are particularly excited to see that modeled energy use is expected to be 29% lower than the City’s building energy code.”

Interested in learning more about C-PACE? Contact us at and/or attend our C-PACE Open Meetings which take place on the last Thursday of each month from 2:00-3:00PM. See all C-PACE Philadelphia events here.