Opportunity
Nuveen Green Capital provided $15.6M in C-PACE financing to retroactively fund sustainability measures, including building envelope (walls, roof, and windows), as well as HVAC. Through C-PACE, the sponsor was able to fund $4M in cost overruns and to make a $10M partial paydown on an existing construction loan. This reduced their cost of capital by 500 bps. The measures financed through C-PACE will also provide ~$2M in energy savings over the span of the financing term, in addition to providing a healthier, sustainable living environment for the students.
Property summary
Pacifica on Green is a new, 153-unit student housing development situated on 3.7 acres near the University of Illinois Urbana Champaign campus. The project will provide university students with new, luxury housing, which will include entertaining space, a fitness center, private study rooms, parking, as well as retail space.
