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. 

Freezpak Logistics

Financing Amount: $30,083,709

Property Summary: On November 30, 2022, the Philadelphia Energy Authority, Nuveen Green Capital and BGFP Philadelphia LLC closed on C-PACE financing for energy efficiency and water conservation measures to be installed during the construction of a new cold storage facility located at 2201 E. Allegheny Avenue.  The planned facility is located in the Port Richmond neighborhood of Philadelphia. It will be a 168K SF facility. The facility as designed is expected to be 30% more energy efficient than required by Philadelphia’s building energy code.

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Ridge Storage

Financing Amount: $3,083,268

Property Summary: On May 4, 2022, the Philadelphia Energy Authority, Nuveen Green Capital and 4002-22 Ridge Ave II, LLC closed on C-PACE financing for energy efficiency andwater conservation measures to be installed during the construction of a new 756-unit self-storage facility located at 4002-22 Ridge Avenue. 

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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 duringthe 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-PACEfinancing 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 efficiencyproject 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 projectfor 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 theKirkbride 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 andwater 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 foran 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 energyproject. 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 theKensington-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. 

200 School Alley

Financing Amount: $1,338,137

Property Summary: Montgomery County, June 2022. 200 School Alley secured $1.3 million in C-PACE financing from Nuveen Green Capital. This is a commercial property with 90,000 squarefeet of multi-tenant, light manufacturing. The eligible energy improvements include the installation of a 390.9 kW solar photovoltaic (PV), LED lighting, and lighting control upgrades.

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1 Cascade Drive

Financing Amount: $2,380,615

Property Summary: Lehigh County, May 2022. 1 Cascade, a food processing plant owned by FR Cascade Property Holding in the Township of Hanover, PA,  secured $2.3 millionin financing from Nuveen Green Capital. The project consists of a 1,189 kW solar energy generation system that is sited both on the facility’s rooftop and in the surrounding field.

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10 Duff Road

Financing Amount: $951,922

Property Summary: Allegheny County, October 2021. 10 Duff Road received C-PACE financing for a retroactive retrofit project in Penn Hills, Pennsylvania from Nuveen Green Capital. The commercialproperty contains multiple offices, including medical examination rooms, meeting rooms, a fitness facility, and a daycare. The project includes both retroactive financing, with a two-year lookback, and new equipment components. 10 Duff Road is expected to achieve energy savings with improvements across the building’s systems. Energy conservation measures include LED lighting, HVAC systems, building envelope, new elevators, plumbing fixtures, and domestic hot water heaters.

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McKean Street

Financing Amount: $5,176,101

Property Summary: The Distillery at South Shore, a mixed-use complex at 129 McKean Street in Pittsburgh, PA, secured $5.1 million in financing as part of PA's C-PACEProgram. Twain Community Partners III LLC executed the C-PACE transaction with Distillery at South Shore. The existing industrial property is a shell and contains 28,022 square feet. The proposed renovations and construction of a five-story addition will increase the area of the building to 53,862 square feet. The commercial facility will be used as a distillery for spirits, hand sanitizer, a market, a restaurant, a cigar bar, and a lounge.

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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 partof 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. TwainFinancial 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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