The Illinois Energy Conservation Authority has successfully secured $15.6 million in financing for a C-PACE project located in Champaign, Illinois. This funding will support energy-efficient upgrades for a 402-bed student housing development spanning 3.73 acres at 28 East Green Street, consisting of one building with 153 units.
With the implementation of this C-PACE project, the property is projected to save approximately $2,836,290 on utility costs and conserve over the course of its 30-year financing term an estimated total of257,400 therms and12 million kWh. Additionally,this initiative has created employment opportunities for235 individuals within the local community.
Nuveen Green Capital was chosen by the borrower as their source of capital for this endeavor.Nuveen’sC-PACE financing contributed$4 million towards covering cost overruns,and also facilitateda partial paydownof$10 milliononan existing construction loan.This resultedin a500 basis point reductioninthe costof capitalforthe amount that was paid down.
This news marks another successful venture by IECA in promoting sustainable energy practices through innovative financial solutions.The post IECA Successfully Secures $15M Financing For Student Housing Development appeared first on Connect CRE.
