Summary
108 Lofts is a planned 98-unit apartment building located in downtown Duluth, MN. Formerly a historic school building constructed in 1905, the 88.6 square-foot property will undergo a conversion to a new amenity rich multifamily property, which will boast sweeping views of Lake Superior, 1.6k square-feet of retail space, 89 parking spaces, a lounge, fitness center, an outdoor pet run, a pet wash, Zoom-enabled work rooms, and extensive storage space for tenants.
C-PACE Opportunity
NGC provided $7.5 million in C-PACE capital alongside an $8 million senior loan from LISC(Local Initiatives Support Corporation) to finance the adaptive reuse project. By utilizing C-PACE to finance key energy and water efficiency measures, the Sponsor was able to reduce overall project costs, which will free up proceeds to pay down previous construction debt upon stabilization of the property. Additionally, the Sponsor secured a forward commitment letter for an agency takeout loan, enabling CPC Mortgage Company to refinance both the C-PACE and LISC financing upon completion of the project.
