Summary
Located in the historic Arts district in downtown Tulsa, the former Oklahoma Tire & Supply Company’s main storage warehouse will be renovated to become the headquarters for the nonprofit organization 36 Degrees North. Once complete, the ~107,000 square foot vacant building will serve as one of the largest entrepreneurial support center and mixed-use co-working space in Oklahoma and will include offices and a small commercial restaurant space on the ground floor. These improvements will respect the building’s historic fabric, while meeting the National Park Service requirements for Historic Certification and the Historic Tax Credit program.
Opportunity
Nuveen Green Capital provided $7.5 million in C-PACE financing, of the $38.8 million total project cost, to fund HVAC systems, lighting, roofing, windows, doors, building envelope, and elevators for the historic gut renovation. Using C-PACE financing enabled the sponsor to lower their overall project costs and to fill a gap in their capital stack, while also taking advantage of C-PACE’s efficacy when used in conjunction with historic tax credits.