Summary
Summer Pointe Village, a Stark Living-Gaekwad Community, is a planned 252-unit, 64-building, build-to-rent community that will be situated on approximately 110 acres, adjacent to retirement community, The Villages in Marion County, north Florida. Once completed, the new development will include spacious, ranch-style homes and access to modern, resort style amenities.
Opportunity
Nuveen Green Capital partnered with Huntington National Bank to provide a combined $40.5 million for the new multifamily development project. $18.5 million in C-PACE financing will fund key energy efficiency measures, including building envelope (roofing, windows, and exterior walls), HVAC, lighting, electrical and plumbing. By using C-PACE, the sponsor was able to complete their debt stack while reducing the senior lender’s exposure.
