Financing Amount: $8,123,443
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.