Summary
Located in downtown New Haven, CT, 19 Elm Street is a new, seven-story, mixed-use retail and multifamily complex that will include 96 residential apartment units, as well as 1,500 square feet of ground floor office and retail space, totaling 79,248 square feet of rentable area. Once complete, the building, which is within walking / biking distance of business, retail, and medical destinations, will include a rooftop deck, fitness center, and community room.
Opportunity
Nuveen Green Capital was proud to partner with Towerline Group and Silver Heights Capital to provide a combined $43 million construction loan to The Hakimian Organization for the new development. By deploying $12.34 million (28.7% LTC) in C-PACE financing to fund HVAC, lighting, electrical, plumbing, as well as the building envelope, the sponsor was able to lower their weighted average cost of capital for the project, while reducing execution risk.
