Nuveen Green Capital and Brandywine Realty Trust announced the closing of $87.3 million in C-PACE financing, including $30 million of capital for future tenants at 3151 Market Street in Schuylkill Yards, a $3.5 billion master-planned development project in West Philadelphia.
Financing is administered by the Philadelphia Energy Authority. The transaction represents the largest C-PACE financing in Pennsylvania’s history and the first for a publicly traded real estate investment trust in recent history.
C-PACE financing positions Brandywine Realty Trust to continue executing its Schuylkill Yards project, a 14-acre mixed-use, transit-oriented development located in Philadelphia’s University City submarket.
3151 Market is a recently completed 494,530-square-foot, 12-story lab and office building designed for flexibility, sustainability and high-performance use. Refinancing the project enables Brandywine to preserve conventional debt capacity.
“By utilizing C-PACE to recapitalize the project post-completion, the sponsor will preserve liquidity while supporting sustainable building development,” said Mike Doty, Senior Director of Originations at Nuveen.
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