Nuveen Green Capital provided $6.8M in C-PACE financing, which funded energy-efficiency measures, such as a new roof, windows, and an exterior insulation and finish system, which will dramatically improve the building’s efficiency and curb appeal, while saving a projected $13.6M over the lifespan of the measures.
The Workforce Training Center, located at 25 Van Zant Street near the coastline in East Norwalk, Connecticut, is a five-story, 265,000 square foot office building, which also includes a restaurant and catering company. The building was originally constructed in 1923 as a hat manufacturing facility. Real estate developer Winthrop E. Baum invested $12.5M to upgrade the building’s infrastructure to convert it to a Smart Building, that uses technology to enable efficient and economical use of resources, while creating a safe and comfortable environment for occupants.
C-PACE is an opportunity to focus attention on the vital matters of energy efficiency and better overall management of real estate assets. We found the process to engage C-PACE financing very helpful.