1320 W Jefferson Blvd is a 129-unit student housing development, located blocks from the University of Southern California campus. The property will include 13 low-income units and qualifies for senior funding via a community investments program of the Federal Home Loan Bank of San Francisco.
Nuveen Green Capital and EagleBank partnered to provide a combined capital stack for the $64.5 MM mixed-use development. Nuveen Green Capital provided 20% LTC in C-PACE construction financing, and EagleBank, a local Washington, D.C. community bank, provided 64% LTC senior construction financing. Nuveen Green Capital’s C-PACE financing will fund the building envelope, lighting, HVAC, elevators, and water conservation measures. The building is anticipated to exceed the D.C. Green construction code.Sponsor was able to utilize $6,494,438 in C-PACE capital to finance energy efficient development costs including plumbing and seismic improvements.
We were very pleased to include C-PACE in the development capital stack as it reduced our equity need, and was accretive to our ROI. The Nuveen Green Capital team was a pleasure to work with – efficiently guiding us through our first C-PACE project in addition to getting a new municipality opted in to the C-PACE program.