Opportunity
Nuveen Green Capital partnered with the developer, BG Capital, as well as the Philadelphia Energy Authority, to provide $30.1M in C-PACE financing to fund extensive energy efficiency measures, including building envelope (walls, windows, and glass), interior and exterior LED lighting, as well as HVAC and water savings measures.
These measures will enable the building to be 30% more energy efficient than is required by Philadelphia Energy Code, ASHRAE 2016. This project marks the largest C-PACE deal to close in the state of Pennsylvania, and will result in approximately 60 new jobs for the local economy.
Property summary
Located at 2201 East Allegheny Avenue in Philadelphia, FreezPak Logistics will be a brand new, state-of-the-art, 173,080 square foot refrigerated warehouse / cold storage facility in the Port Richmond section of Philadelphia.
In these challenging times, alternative debt solutions like C-PACE have now become critical in rounding out the capital stack within larger scale projects. We are extremely fortunate to work with the team at Nuveen Green Capital on getting this deal over the finish line and working with a company whose product has an emphasis on sustainability within our industry.
