Opportunity
Nuveen Green Capital and First Citizens Community Bank (FCCB) partnered to provide a combined capital stack for the $56.8MM multifamily development. Nuveen Green Capital provided 19% LTC in C-PACE construction financing and FCCB provided 62% LTC senior construction financing. Nuveen Green Capital’s C-PACE loan proceeds will be used to fund qualifying construction costs such as: building envelope, HVAC, electrical upgrades, and elevators. The Cypress Grove development project is projected to save nearly 30% more on energy costs than a comparable development built to code minimums.
Property summary
Cypress Grove is a planned 240-unit multifamily new construction project located at 24716 Broadkill Road in Milton, DE. The development project will feature 144 garden apartments and 96 stacked townhome apartments with each style offering well-appointed 1-3 bedroom residences for the Milton community.
The Cypress Grove development is the product of The Ocean Atlantic Companies, a diversified real estate development & investment company based in Rehoboth Beach, DE. The firm has over 25 years of experience developing multifamily projects, master planned residential communities, and commercial developments throughout the Mid-Atlantic region.
Nuveen Green Capital is a trusted C-PACE construction financing partner of The Ocean Atlantic Companies. We have transacted on 3 separate multifamily development projects and appreciate their unmatched expertise, efficiency, and execution reliability.
