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Chicago & Midwest  + Illinois  + Midwest  + Student Housing  | 
IECA Closes $15M in C-PACE Financing for Student Housing Development

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.

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About Jasmine Kilman

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.