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Nuveen backs $15.9M C-PACE debt for Philadelphia’s Somerset Phase II
The 170-unit multifamily project in Port Richmond is being financed with a $19.9M senior loan plus $15.9M of Commercial Property Assessed Clean Energy debt, totaling $35.8M.
Riverwards Group has secured $35.8 million in construction financing to develop Somerset Phase II, a multifamily project in Philadelphia’s Port Richmond neighborhood, Commercial Observer reports.
The financing package includes a $19.9 million senior construction loan from Silver Heights Capital and $15.9 million of Commercial Property Assessed Clean Energy, or C-PACE, debt from Nuveen Green Capital for the 170-unit development.
Commercial Observer reports that the project is 146,158 square feet and is part of the multi-phase Somerset Station master-planned community near the Delaware River.
Silver Heights Capital said the deal reflects the benefits of combining senior debt with C-PACE financing to deliver a streamlined capital stack, lower overall cost of capital, and greater certainty of execution for the sponsor.
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