Projects

Closed Projects – Philadelphia

As C-PACE projects reach financial close, they will be listed below in accordance with the public notice requirement in Section 4306 of the Pennsylvania C-PACE Statute. 

Motto by Hilton

Financing Amount: $8,123,443

Property Summary:

The Philadelphia Energy Authority, Nuveen Green Capital and South 19th Street LP closed on C-PACE financing for energy efficiency and water conservation measures installed during the construction of the Motto by Hilton Hotel located at 29-31 S. 19th Street. 

This 252-room new construction hotel is located in the Rittenhouse neighborhood of Philadelphia. Construction was completed in December 2019 and the hotel opened as the POD Philly only months before temporarily closing due to pandemic restrictions. The hotel reopened in spring 2021 as the Motto by Hilton Philadelphia Rittenhouse Square. This C-PACE financing is retroactive and enabled by Philadelphia’s temporary extension of retroactive financing of up to 30 months due to the impact of COVID-19 on commercial real estate capital markets.

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123 S. Broad Street Units 1 & 2

Financing Amount: $4,109,825

Property Summary:

The Philadelphia Energy Authority, Greenworks Lending LLC and Unit 1 Partners LP and 123 S. Broad Partners LP executed the financial close to use C-PACE financing for an energy efficiency project for two units at 123 S. Broad Street.

C-PACE is financing energy and water efficiency upgrades for Units 1 & 2 at 123 S. Broad Street.  The project includes Lighting Retrofit, Air Handling Unit Refurbishment, New Direct Digital Controls,  Water Fixture Retrofit, Convert Constant Volume System to Single Zone Variable Air Volume, Steam Distribution Improvements, Chiller Repair, and Convert Cooling Tower to Variable Flow. C-PACE financing is projected to contribute to the annual reduction of 2,835,067 pounds of CO2-e.  This translates to annual financial savings of more than $232,600. The project will also reduce the building’s carbon footprint by 33,435 metric  tons of CO2-e emissions over the life of the project.

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100 S. Independence Mall West

Financing Amount: $25,571,281

Property Summary:

The Philadelphia Energy Authority, Counterpointe Sustainable Real Estate LLC and KPG-IMW Owner, LLC  executed the financial close to use C-PACE financing for an energy efficiency project for 100 S. Independence Mall West. “100 IMW” was originally designed by Pietro Belluschi and completed in 1965. The nine-story property was formerly known as the Rohm and Haas Building and is listed on the National Register of Historic Places. Energy efficiency measures financed include high efficiency HVAC, interior LED lighting and controls, building envelope (roof and wall) systems and water fixture upgrades. 

This iconic building, overlooking Independence Mall, is the new headquarters of Macquarie Investment Management. Keystone Property Group is the property manager.

 

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Rhoads Industries

Financing Amount: $15,000,000

Property Summary:

The Philadelphia Energy Authority, CCG PACE Funding and Industrial Metals Manufacturing (Rhoads) executed the financial close to use C-PACE financing for an energy efficiency project for Rhoads Industries’ Building 57. The building was originally built by the U.S. Navy in 1919 and was in significant disrepair when purchased by Rhoads in 2014. The project is a substantial renovation of ~2/3 of the building’s footprint. Energy efficiency measures financed include high efficiency HVAC, interior LED lighting and controllers, building envelope (roof and wall) systems. Energy savings calculations are based on improvements above IECC-2018, Philadelphia’s energy code baseline. The building is located at 1900 Kitty Hawk Ave at the Philadelphia Navy Yard.

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Kirkbride Center

Financing Amount: $4,333,846

Property Summary:

The Philadelphia Energy Authority, Counterpointe SRE and Kirkbride Realty Corporation executed the financial close to use C-PACE financing for an energy efficiency project for the Kirkbride Center. The project is a renovation of the boiler plant and retroactive renovation of the chiller plant for the Kirkbride campus.

The Kirkbride Center is a six-building campus with ample open green space. The 390,000 square feet of living, healthcare and office space will benefit from an improved healing environment with a renovation of its heating and cooling plant.

The project is located at 111 N.49th Street in West Philadelphia.

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Golaski Labs

Financing Amount: $1,087,155

Property Summary:

The Philadelphia Energy Authority, Greenworks Lending LLC and
Golaski Labs, LP executed the financial close of Golaski Labs to
use C-PACE financing for an energy efficiency and water
conservation project. The project is a substantial renovation of
an existing two-story building, connected to a new multifamily
residential tower. C-PACE financing is for the 25,000 SF of
commercial space to house a restaurant, offices, makerspace and
a multi-cultural co-working community. C-PACE is only
being used to fund improvements in the commercial portion of
the building.

The building is located at 4537 Wayne Avenue in the
Germantown neighborhood of Philadelphia.

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The Met

Financing Amount: $6,000,000

Property Summary:

The Philadelphia Energy Authority, Enhanced Pace Finance LLC and Holy Ghost I, LP executed the financial close of The Met
Philadelphia to use C-PACE financing for an energy efficiency
project. The project is a substantial renovation of an existing
performing arts theater originally built in 1908. The 133,000 SF
building was redeveloped into a live-entertainment theater with
a total capacity of more than 4,000 people.

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Olde City Day School

Financing Amount: $559,469

Property Summary:

Greenworks Lending and the Capers Company LLC executed the financial close of the first project in Pennsylvania to use C-PACE financing for a renewable energy project. Capers Company LLC is borrowing $559,469 in C-PACE financing from Greenworks Lending to pay for a 212 kilowatt solar system built by K.E.S. LLC on the roof of the Flying Horse Center building.

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J-centrel

Financing Amount: $1,500,000

Property Summary:

SHIFT Capital borrowed $1,500,000 in C-PACE financing from Twain Financial to pay for energy and water efficiency upgrades to a new mixed-use development in the Kensington-Harrowgate neighborhood of Philadelphia.  The C-PACE measures include LED lighting, window replacements with insulation and low-e glazing, energy recovery units, variable refrigerant flow heat pumps, and low-flow plumbing.

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Projects from other PA counties

The projects below have closed in other Pennsylvania counties. 

Concord Keystone Sora West

Financing Amount: $9,999,740

Property Summary:

Montgomery County, PA

December 2020

Sora West, a mixed-use complex proposed for 1 West Elm Street in Conshohocken, PA, has secured $9.9 million in financing as part of PA’s C-PACE Program. As the third-party administrator for Montgomery
County, Sustainable Energy Fund oversaw the C-PACE project application process to ensure compliance with Act 30 Statute and the C-PACE Guidelines. Greenworks Lending executed the C-PACE transaction with Sora West. This two-parcel complex will include an 8-story, 127-room hotel, restaurant, rooftop lounge, and plaza and a restored fire station with a total footprint of 91,858 square feet. Together, the property meets the energy savings guidelines for new construction / substantial rehabilitation as outlined in the Montgomery
County C-PACE Guidelines with energy savings ranging from 7% to 61% better than current building code.

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Commodore

Financing Amount: $3,454,941

Property Summary:

Northampton County, PA

May 2021

The Commodore, an adaptive reuse project in Easton, Pennsylvania, has secured $3.4 million in financing as part of PA’s C-PACE Program. Twain Financial Partners executed the C-PACE transaction with the ODG 100-116 Northampton LLC. The original 3-story structure was built in 1880 and originally served as a
department store. The project is an 8-story mixed-use building containing office, retail, restaurant, and residential spaces. The commercial portion of the property meets the energy savings guidelines for new construction/substantial rehabilitation as outlined in the County of Northampton C-PACE Guidelines, with a total energy savings of 56% when compared to the minimum building code.

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