53rd Street Apartments
The sponsor was able to utilize C-PACE to finance energy efficient development costs including HVAC, plumbing, and building envelope improvements.
The 53rd St Apartments project, located at 1446 NW 53rd Street, is a 7-story, 55-unit, multifamily development located in the Ballard neighborhood, approximately 5 miles north-west of the Seattle Central Business District. The ~$4.1MM C-PACE loan will be used to construct a 55-unit multi-family development. Upon completion, the property will have 23 SEDUs (small efficiency dwelling units) 23 EDUs (efficiency dwelling units), and 9 studio lofts. This deal is not only Nuveen Green Capital’s first closing in Washington state, but the first new construction project to ever use C-PACE financing in Washington.