Opportunity
Sponsor was able to utilize C-PACE to finance energy efficient development costs including seismic improvements, building envelope, plumbing, lighting, electrical, and HVAC.
Property summary
Beach Village, located at 300 Christiansen Way, is a to-be-built mixed-use development, comprised of an 18-room boutique hotel & spa, and 9 for-sale condominiums, located two blocks from the Pacific Ocean in downtown Carlsbad, CA.
Nuveen Green Capital C-PACE financing allowed us to reduce the first position lenders interest expense on our construction loan and at the same time provided a long term built-in 30 year amortized loan for the commercial condo portion of our project. The loan was uniquely tailored by Nuveen Green Capital to be able to pay off the construction loan on our loan with the sale of the condos and keep the long-term financing in place for our commercial space.
