First Boston C-PACE project closed by Nuveen Green Capital
Darien, CT (November 18, 2021) – Nuveen Green Capital, the nation’s leading C-PACE capital provider dedicated to funding energy performance-enhancing commercial, multi-family and non-profit real estate projects, announced today that it has closed the first C-PACE project in the city of Boston through MassDevelopment’s PACE Massachusetts program at 440 William M. McClellan Highway. Located in the Logan Cargo Park owned by affiliates of Cargo Ventures LLC, 440 McClellan is a 120,000 square foot, multi-tenant industrial warehouse with multiple Fortune 500 tenants, located near Logan Airport in East Boston.
C-PACE provides property owners and developers access to low-cost, long-term, fixed-rate financing for energy efficiency, water conservation, and renewable energy projects. The property will receive nearly $800K in C-PACE financing for several energy efficient measures, including lighting, HVAC, roofing, windows and insulation. These measures are estimated to save the property owner and its tenants over $460,000 and 1,541,380 kWh of energy during the expected life of the measures financed.
“C-PACE provided us with upfront capital enabling us to install several energy efficient upgrades to our building, helping us cut our energy costs while preserving capex. We are grateful to MassDevelopment, The City of Boston and Nuveen Green Capital for working together to enable us to make these critical energy efficiency upgrades,” said Jacob Citrin, Founder and CEO of Cargo Ventures.
“It is very exciting to see C-PACE expand into Boston and we are thrilled to be the first capital provider to close a C-PACE project in the city, said Jessica Bailey, CEO and President of Nuveen Green Capital. “There is great opportunity for C-PACE in Boston as more property owners and developers recognize the significant benefits of C-PACE in facilitating sustainability efforts and improving financial returns.”
“Boston is committed to meeting the climate crisis with urgency and innovation to foster resilient communities,” said Reverend Mariama White-Hammond, Chief of Environment, Energy and Open Space for the City of Boston. “In light of the updated Building Emissions Reduction and Disclosure Ordinance, we need financing tools to help our large building owners aggressively decarbonize in the coming years. We are excited to see the C-PACE program finance its first project in Boston.”
“MassDevelopment is thrilled that Nuveen Green Capital has closed the first financing through PACE Massachusetts for a clean energy project in Boston,” said MassDevelopment President and CEO Dan Rivera. “PACE Massachusetts is a new financing tool with the power to help commercial property owners in the Commonwealth execute energy efficiency and renewable energy projects that improve buildings, lower emissions, and save money.”
This is the second project in Massachusetts that Greenworks Lending from Nuveen has financed under PACE Massachusetts. In September 2021, Greenworks announced it had financed the state’s first C-PACE project at 56 Bank Row in Greenfield.
About Nuveen Green Capital
Nuveen Green Capital is the largest provider of Commercial Property Assessed Clean Energy (C-PACE) financing in the country. Led by several of the industry’s founding policy developers and standard-setters, Nuveen Green Capital is a private capital provider uniquely dedicated to funding commercial real estate through C-PACE. Nuveen Green Capital has provided financing to hundreds of commercial properties and is active in more than 25 states, making clean energy a smart financial decision for commercial property owners and developers nationwide. For more information, visit www.nuveen.com/greencapital.
About Cargo Ventures
As a full-service real estate development, investment and management company, Cargo Ventures brings together unparalleled expertise from pre-development planning and construction, to delivering and managing the project for its core clients. Each member of the management team has over 15 years in the construction and management of real estate within the logistics industry. Led by a group of talented and dedicated real estate professionals, Cargo Ventures transforms its client’s vision and facility needs into reality. For more information, visit www.cargoventures.com
MassDevelopment, the state’s development finance agency and land bank, works with businesses, nonprofits, banks, and communities to stimulate economic growth across the Commonwealth. During FY2021, MassDevelopment financed or managed 416 projects generating investment of more than $1.86 billion in the Massachusetts economy. These projects are estimated to create or support 6,578 jobs and build or preserve 1,909 housing units. More information about the program is available at massdevelopment.com/PACE