Summary
The Guild, located in Columbus, OH, is a ground-up development of a 260-unit mid-rise apartment building. Amenities will include two courtyards, a swimming pool, outdoor lounge and grilling stations, a tenant lounge, a business and fitness center, pet washing station, storage, package room and EV charging stations in the garage.
Opportunity
Located in an Opportunity Zone, the project benefits from both a 15-year tax abatement and a capital lease structure. Nuveen Green Capital provided $23.8 million in C-PACE capital to finance energy efficiency measures related to the building’s construction, including building envelope (roofing, windows, exterior walls), HVAC, LED-lighting and plumbing. Nuveen Green Capital partnered alongside Middlefield Bank who provided $32 million in construction financing. The sponsor, Marker Development is a Columbus-OH based developer with a track record of more than 1,000 deals since inspection. By utilizing C-PACE, they were able to fill a gap in their capital stack while lowering their weighted average cost of capital for the project.
