Summary
Located in the burgeoning Skyway Marina district near downtown St. Petersburg, Public Storage - Skyway Marina is a four-story, Class-A self-storage facility, which includes 738 climate-controlled units.
Opportunity
Nuveen Green Capital provided $7.8 million in C-PACE financing to recapitalize the project’s energy and water efficiency improvements, including the building envelope, LED lighting, HVAC, and low-flow plumbing fixtures. The sponsor leveraged C-PACE financing to pay down an existing construction loan. By replacing more expensive preferred equity with cost-effective C-PACE capital, the sponsor was able to lower the property’s overall WACC.
