Summary
Madison Station is a planned, 360-unit multifamily project developed by Sweetwater Companies (“Sweetwater”), located at 577 Trejo Street in Rexburg, Idaho, near Brigham Young University’s Idaho campus. The project will feature one and two-bedroom apartments, various modern amenities and will provide much-needed housing for young families and students. Sweetwater recently completed the first phase of the project, delivering 144 units. With the successful C-PACE closing, construction is now underway on the second phase of the project to complete the remaining 216 units.
Opportunity
Nuveen Green Capital provided $15 million in C-PACE financing alongside Sundance Bay, who provided the rest of the construction financing. Nuveen Green Capital’s C-PACE financing acted as a synthetic A-note, significantly reducing the blended cost of capital. C-PACE measures included building envelope, MEP systems, and water conservation measures.
