North Bridge ESG LLC, a leading provider of real estate credit solutions, has closed on $8.5 million in C-PACE financing to support infrastructure upgrades at Herald Towers, a three-tower apartment complex at 50 W. 34th St. in Midtown Manhattan. The transaction reportedly marks the first multifamily C-PACE deal completed in New York City.
JEMB Realty, the building owner, is using C-PACE to replace aging heating and cooling systems with electrified, high-efficiency equipment designed to reduce carbon emissions and operating expenses in accordance with the city’s Local Law 97. The improvements are expected to enhance long-term building performance and increase collateral value.
“This transaction signals the growing institutional acceptance of C-PACE as a credit solution that supports long-term asset value,” said Laura Rapaport, founder and CEO at North Bridge. “This financing demonstrates how New York City’s C-PACE program can meaningfully contribute to the city’s electrification and retrofit goals and support significant building improvement projects.”
