53rd Street Apartments 

Opportunity

The sponsor was able to utilize C-PACE to finance energy efficient development costs including HVAC, plumbing, and building envelope improvements.

Property Summary

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.

“It was great to have a knowledgeable partner in Nuveen Green Capital who has navigated the process in other states and could coordinate communication between the architect, engineers, and general contractor to document the incremental energy efficiencies. The higher loan to cost structure using C-PACER on top of a conventional construction loan reduced the equity required for the project, freeing up capital to build the next project, I look forward to seeing how C-PACER financing can contribute to energy efficiencies in design and construction, and to see the reduction in energy costs for occupants.

– Preston Walls
Founder and CEO, Walls Property Management

C-PACE Financing ($)

Term (Years)

SOCIALICON
SOCIALICON