Washington DC CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Nuveen Green Capital, Brandywine Realty Trust Close Largest C-PACE Financing in PA History
Nuveen Green Capital and Brandywine Realty Trust announced the closing of $87.3 million in C-PACE financing, including $30 million of capital for future tenants at 3151 Market Street in Schuylkill Yards, a $3.5 billion master-planned development project in West Philadelphia.
Financing is administered by the Philadelphia Energy Authority. The transaction represents the largest C-PACE financing in Pennsylvania’s history and the first for a publicly traded real estate investment trust in recent history.
C-PACE financing positions Brandywine Realty Trust to continue executing its Schuylkill Yards project, a 14-acre mixed-use, transit-oriented development located in Philadelphia’s University City submarket.
3151 Market is a recently completed 494,530-square-foot, 12-story lab and office building designed for flexibility, sustainability and high-performance use. Refinancing the project enables Brandywine to preserve conventional debt capacity.
“By utilizing C-PACE to recapitalize the project post-completion, the sponsor will preserve liquidity while supporting sustainable building development,” said Mike Doty, Senior Director of Originations at Nuveen.
