Opportunity
Utilizing C-PACE financing helped to reduce the cost of capital for the project while the integration of large-scale energy saving elements into the new development project, including building envelope, windows, plumbing, lighting and controls, and HVAC, will save money and energy for years to come. After an initial round of C-PACE financing was provided for the new construction project, the sponsor enlisted Nuveen Green Capital for incremental C-PACE funding to help refinance a maturing construction loan for the project, post-completion.
Property summary
509-533 North Park Street in Columbus, OH is the location for a new AC Marriott, an 8-story, 161-room hotel located in the city’s urban Arena District. The hotel development was supported in part by C-PACE financing for its energy saving measures, which lowered the cost of capital needed for the project and will provide future savings for the hotel and ensure its guests’ comfort.
By working with Nuveen Green Capital and incorporating C-PACE on this new development, we were able to fill in the capital stack of the project and improve returns on the deal.
