Nuveen Green Capital was proud to partner with Southern Land Company, Valley National Bank and the Philadelphia Energy Authority to provide $40M in C-PACE financing of the $161M total development costs for this historic deal to fund key sustainability measures, including building envelope, lighting, water conservation and HVAC.
499 North 5th Street is a new, multifamily development, located on a 1.5 acre site on the corner of 5th and Spring Garden Streets in the Callowhill neighborhood and expanding Northern Liberties submarket of Philadelphia. It is a planned, market rate 329-unit apartment complex, which will include 13.9k square feet of retail space. The property will offer a fitness center, covered parking on the first floor, a community rooftop deck, as well as a business center and an array of workspaces. This project marks the largest C-PACE financed project in the state of Pennsylvania, and the second multifamily deal under C-PACE policy since it was expanded to allow for multifamily projects.
This project at 5th and Spring Garden could not have been financed without C-PACE. We are grateful to be benefiting from the newly expanded C-PACE program. Energy efficiency is central to the design and functionality of this project. It truly matters to us that C-PACE financing is available to support our objective of designing and building better for the long-term. Both the Philadelphia Energy Authority and Nuveen Green Capital have made this process easy to navigate and clearly beneficial.