Nuveen Green Capital, a leading provider of C-PACE financing, partnered with Capital Funding Group, a leader in the healthcare and multifamily finance industry, to provide a combined capital stack for the $51MM Sheridan at Severna Park development. Nuveen Green Capital provided $17.2MM in C-PACE construction financing, equating to nearly 34% LTC, to fund a variety of energy efficiency and water conservation measures, which will result in a positive environmental and financial impact on the property.
The Sheridan at Severna Park is a planned new construction 102-unit/110-bed Assisted Living and Memory Care facility that will be located in the highly desirable suburb of Severna Park in Anne Arundel County, MD. The upscale property will offer 84 assisted living units and 18 memory care units for residents seeking a luxury senior living community within the greater Washington–Baltimore region. The project is conveniently located 25 miles NE of Washington DC, 15 miles SE of the famed Baltimore Inner Harbor, and 10 miles NW of Annapolis, MD. The Sheridan at Severna Park is a product of a partnership between Kaufman Jacobs, a veteran Chicago-based developer with a national footprint, and Senior Lifestyle Corporation, an industry leading national owner, operator, and developer of senior living communities.
Nuveen Green Capital was a valued construction financing partner for this development project. Their expertise in C-PACE financing and ability to successfully close alongside traditional capital sources provided compelling returns for our project. We look forward to working with them on future development projects and appreciate their focus on enhancing energy efficiency.