Summary
Bridgeworks is a new multifamily development located in downtown Cleveland, Ohio, positioned within one of the city’s most active urban corridors near the Detroit-Superior Bridge. The project will deliver a single mid-rise building totaling 295,000 square feet, comprising 219 residential units across a mix of studio, one-bedroom, and two-bedroom configurations, along with 1,200 square feet of ground-floor retail space. Upon completion, the building will also feature an attached, open-air parking garage complementing a robust amenity program that includes outdoor terraces, fitness facilities, and activated common areas throughout.
Opportunity
NGC provided $31 million in C-PACE financing to the sponsors, Grammar Properties and M. Panzica Development, alongside senior lender First Merchants Bank. C-PACE was deployed to fund key energy and water efficiency measures, as well as the building envelope. Due to the softness of the bank participation market, the sponsors were able to remove execution risk and fill a critical hole in the capital stack, making C-PACE a flexible and cost-effective solution that reduced the equity required to close the deal. When combined with a 15-year tax abatement, this structure improved project economics, lowered carrying costs, and enhanced overall returns, demonstrating how C-PACE can unlock the financial feasibility of nuanced commercial real estate developments.
