Opportunity
Nuveen Green Capital was proud to partner with the MRA Group to provide $18M in C-PACE financing (of the total project cost of $67M) to fund extensive sustainability measures, including building envelope (roof, walls, and windows), interior and exterior lighting, plumbing and hot water, as well as HVAC on the property. By utilizing C-PACE, the sponsor was able to maximize their leverage and fill a gap in their capital stack.
Property summary
160 Innovation Boulevard is a 102,000 square foot property that will undergo a substantial gut renovation and conversion to become a laboratory and research & development facility. Formerly owned by DuPont, the two buildings (one main and one ancillary) are set on a 163-acre office/industrial campus. The company used the property as their chemical product research facility and global headquarters. Property owner, the MRA Group, has rebranded the campus as CRISP (Chestnut Run Innovation and Science Park) and has further plans to renovate, expand, and reposition the property to attract future life sciences tenants as part of a two-phase development program.
C-PACE provided a unique debt solution that is allowing us to develop a state-of-the-art, energy efficient research and development facility at CRISP. We are very grateful for the team at Nuveen Green Capital for getting this deal done, especially during this challenging economic environment.
