The largest Commercial Property Assessed Clean Energy (C-PACE) financing investment in Pennsylvania recently closed.
The Philadelphia Energy Authority (PEA), Nuveen Green Capital, and Southern Land Company closed on $40 million a 329-unit multifamily property in the Callowhill neighborhood of Philadelphia.
It is the second investment to take advantage of expanded eligibility for multifamily properties.
C-PACE financing is intended for investment in energy efficiency, water conservation, renewable energy, indoor air quality, and resiliency. Funds are paid back over time through special property assessments.
“This project could not have been financed without C-PACE,” said Tim Downey, Southern Land Company founder and CEO. “We are grateful to be benefiting from the newly expanded C-PACE program. Energy efficiency is central to the design and functionality of this project. It truly matters to us that C-PACE financing is available to support our objective of designing and building better for the long term. Both PEA and Nuveen Green Capital have made this process easy to navigate and clearly beneficial.”
In Philadelphia, more than $160 million have been invested in C-PACE projects.
Senate Bill 635 expanded eligibility for C-PACE financing to include multifamily commercial buildings with five or more units, indoor air quality, and building resiliency improvements.