Summary
Elkhart Lake Townhomes is a planned, 11-building, 70-unit luxury rental development situated on 10.3 acres in Sheboygan County, WI. Once complete, the multifamily townhome property will offer rental options for two - and three-bedroom units.
Opportunity
Nuveen Green Capital (“NGC”) and Hiawatha National Bank (“Hiawatha”) partnered to provide $17.3 million (70% LTC) in construction financing for the ground-up development. NGC provided ~ $7.75 million (31% LTC) in C-PACE construction financing, while Hiawatha provided $9.5 million (39% LTC) via a senior construction loan.
Repeat borrower, Sheboygan-based North Town Partners utilized C-PACE financing to incrementally increase its total leverage for the project, which helped them fill out the balance of their debt stack, as well as reduce their blended cost of capital for the entire capitalization of the project.
