DARIEN, CT – Greenworks Lending from Nuveen, C-PACE capital provider dedicated to funding energy performance-enhancing commercial, multi-family and non-profit real estate projects, announced that it has closed the first C-PACE project in the city of Boston through MassDevelopment’s PACE Massachusetts program at 440 William M. McClellan Highway.
Located in the Logan Cargo Park owned by affiliates of Cargo Ventures LLC, 440 McClellan is a 120,000 square foot, multi-tenant industrial warehouse with multiple Fortune 500 tenants, located near Logan Airport in East Boston.
C-PACE provides property owners and developers access to low-cost, long-term, fixed-rate financing for energy efficiency, water conservation, and renewable energy projects. The property will receive nearly $800K in C-PACE financing for several energy efficient measures, including lighting, HVAC, roofing, windows and insulation. These measures are estimated to save the property owner and its tenants over $460,000 and 1,541,380 kWh of energy during the expected life of the measures financed.
“C-PACE provided us with upfront capital enabling us to install several energy efficient upgrades to our building, helping us cut our energy costs while preserving capex. We are grateful to MassDevelopment, The City of Boston and Greenworks for working together to enable us to make these critical energy efficiency upgrades,” said Jacob Citrin, Founder and CEO of Cargo Ventures.
“It is very exciting to see C-PACE expand into Boston and we are thrilled to be the first capital provider to close a C-PACE project in the city, said Jessica Bailey, CEO and President of Greenworks Lending from Nuveen. “There is great opportunity for C-PACE in Boston as more property owners and developers recognize the significant benefits of C-PACE in facilitating sustainability efforts and improving financial returns.”
“Boston is committed to meeting the climate crisis with urgency and innovation to foster resilient communities,” said Reverend Mariama White-Hammond, Chief of Environment, Energy and Open Space for the City of Boston. “In light of the updated Building Emissions Reduction and Disclosure Ordinance, we need financing tools to help our large building owners aggressively decarbonize in the coming years. We are excited to see the C-PACE program finance its first project in Boston.”
“MassDevelopment is thrilled that Greenworks Lending from Nuveen has closed the first financing through PACE Massachusetts for a clean energy project in Boston,” said MassDevelopment President and CEO Dan Rivera. “PACE Massachusetts is a new financing tool with the power to help commercial property owners in the Commonwealth execute energy efficiency and renewable energy projects that improve buildings, lower emissions, and save money.”
This is the second project in Massachusetts that Greenworks Lending from Nuveen has financed under PACE Massachusetts. In September 2021, Greenworks announced it had financed the state’s first C-PACE project at 56 Bank Row in Greenfield.