Summary
Located in the Automobile Alley neighborhood of Oklahoma City, the historic Chevrolet Motor Company Building will undergo an extensive renovation to transform into a vibrant mixed-use development, The Medley. Upon completion, the project will feature a 15k square-foot market hall which will include 12 restaurants and specialty vendors, a bar, six pickleball courts, 24 apartments, as well as secure parking. The development is intended to provide OKC with an exciting combination of retail and dining destinations, upscale apartments, as well as pickleball courts – capitalizing on the fast-growing national trend.
Opportunity
NGC provided repeat Sponsor, Pivot Project Development with $5.1 million in C-PACE capital (18% LTC) alongside Historic Tax Credits to fund the building envelope and other energy efficiency measures for the historic rehabilitation. Through the strategic use of C-PACE, the Sponsor was able to fill a gap in their capital stack, enabling them to lower their weighted average cost of capital for the project, while realizing significant long-term savings.
