Summary
The Rancho Santa Fe apartments are a planned new development located in the burgeoning Las Soleras master-planned area of Southwestern Santa Fe. Joining other new housing, retail, and dining destinations in the area, the upscale apartment complex will boast 156-unit garden-style apartments split between six buildings. The complex will offer amenities such as a pool, clubhouse, fitness center, conference rooms, a dog park, as well as a 216-space garage and open parking spots. The development will provide much-needed housing to accommodate the area’s rapid growth.
C-PACE Opportunity
Nuveen Green Capital provided $16 million (35% LTC) in cost-effective C-PACE capital to the Sponsor, Avalon Property Company, which specializes in multifamily properties and retail centers across Texas and New Mexico. C-PACE will finance the property’s energy and water efficiency measures. By leveraging C-PACE financing alongside a traditional mortgage, the Sponsor was able to avoid raising additional equity or pursuing other more expensive financing options.
