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IECA Closes $15M in C-PACE Financing for Student Housing Development
The Illinois Energy Conservation Authority closed $15.6 million in financing for a C-PACE project in Champaign, Illinois. The C-PACE capital will help fund energy-efficient improvements for a 402-bed student housing development situated on 3.73 acres at 28 East Green Street. The property will consist of one building with 153 units.
The C-PACE project is expected to provide the property with approximately $2,836,290 in utility savings and conserve 257,400 therms and 12 million kWh over the 30-year financing term. The C-PACE project also created 235 local jobs.
Nuveen Green Capital was selected by the borrower to supply the capital. Nuveen Green Capital’s C-PACE financing was used to fund $4 million of cost overruns and make a $10 million partial paydown on an existing construction loan, which reduced the cost of capital by 500 bps on the amount that was paid down.
