Opportunity
Nuveen Green Capital was proud to partner with the Philadelphia Energy Authority for the first energy efficient C-PACE multifamily project in Pennsylvania, providing $17.9M in C-PACE financing to fund extensive sustainability features for the apartment building’s envelope, lighting, structural, as well as water conservation. This project adds to the $100 million of private investment C-PACE has drawn to improve building performance, save money, and create jobs in Philadelphia and across Pennsylvania.
Property summary
Located in the up-and-coming Port Richmond neighborhood of Philadelphia, 2200 Somerset is a planned 220-unit apartment complex that marks the first multifamily project in Pennsylvania to take advantage of C-PACE financing after a recent amendment expanded the program to include multifamily properties. The complex will contain 12 residential buildings, one of which will be six stories in height and contain most of the apartment units, as well as 11 triplexes containing 33 two-bedroom units. In addition, the complex will offer a total of 159,600 square feet of rentable area, and ample onsite parking for 118 vehicles.
This project is a transformative project that brings an unprecedented large scale development to North of Lehigh Ave, in an area that has been neglected development wise. This development would not have happened without the use of C-PACE funding and CRA funding. Nuveen Green Capital and Citizens Bank worked together to make this project work.
