The Philadelphia Energy Authority (PEA), Nuveen Green Capital and Southern Land Company closed on $40MM for a 329-unit multifamily property in the Callowhill neighborhood of Philadelphia at 5th and Spring Garden Streets. This is the largest C-PACE financing in Pennsylvania to date.
Commercial Property Assessed Clean Energy (C-PACE) financing allows for investments in energy efficiency, water conservation, renewable energy, and now IAQ and resiliency, that are paid back over time through special property assessments. This project is the second in Pennsylvania to take advantage of expanded eligibility for multifamily properties.
