Summary
The English Meadows Manassas campus project is the 1st property to receive C-PACE financing under the Virginia Statewide C-PACE program. English Meadows is a newly developed 88-unit/105-bed assisted living and memory care facility in Manassas, VA, a suburb of Washington, DC. The property offers 64 assisted living units and 24 memory care units with a mix of studio, one bedroom, and two bedroom floorplans. The property’s amenities include on-site meal services, sports bar with billiards, theater, and outdoor gathering spaces. The facility is a part of the Evergreen Village development which is a 27-acre mixed-use complex comprised of retail, restaurants, and residential spaces.
Aksoylu Properties is the developer of the English Meadows campus and Evergreen Village complex in Manassas, VA. Aksoylu Properties is a fully integrated development, management, and consulting firm based in Northern Virginia. The firm has experience acquiring, developing, managing, and leasing office, retail, industrial, residential, and mixed-use properties throughout the greater Washington, D.C. metropolitan area.
Opportunity
Nuveen Green Capital provided $8.7 million (25% LTC) in C-PACE bridge financing to the English Meadows project allowing for the recently completed property to open, lease up, and reach stabilization. Nuveen Green Capital's C-PACE financing was used to establish a working capital reserve and partial paydown of the existing loan through Summit Bank.
