IRVINGTON, NY – (COMMERCIAL THREAD) – CastleGreen Finance is pleased to announce the closing of One Park Road, West Hartford, Connecticut, a $ 13,767,000 Evaluated Clean Energy for Commercial Properties (C-PACE) transaction. In partnership with Lexington Partners LLC, the real estate developer, and Connecticut Green Bank, the administrator of the Connecticut State C-PACE program, CastleGreen Finance is delighted to be part of the largest C-PACE transaction to date. in Connecticut.
For 135 years, the Sisters of Saint Joseph of Chambéry have occupied a convent on Park Road in West Hartford, Connecticut. One Park Road is the redevelopment of this iconic property that will add a 292-unit multi-family housing complex to the 22-acre property while retaining much of the green space and preserving the sisters’ history and ensuring their retirement security. on the property.
A wing of the historic convent will continue to be owned and occupied by the Sisters. The remaining 111,000 square feet of the neo-colonial style convent is being renovated into a mix of studio, one, two and three bedroom apartments.
A new, 230,000-square-foot, four-story building on a one-story parking lot, will connect to existing structures and is designed to resemble a series of separate buildings while providing a neighborhood feel.
The long-discussed redevelopment of this iconic property is the result of the partnership between the Sisters of St. Joseph, Lexington Partners and the City of West Hartford, and it will bring new rental accommodation to the rapidly growing Park Road / West Hartford surface. Construction of the $ 70 million project is expected to begin in mid-2021, with completion slated for spring / summer 2023.
CastleGreen Finance facilitated the approval of the $ 13.7 million C-PACE project through Connecticut Green Bank’s C-PACE program. The project provides the project proponent with access to affordable, long-term financing for qualifying clean energy and energy efficiency improvements that reduce energy costs.
Martin J. Kenny, President of Lexington Partners, said, “We think the Park Road business district is to West Hartford what Brooklyn is to New York. The project will serve to strengthen the Park Road business district and provide a gateway and combine with what is happening in Parkville. We needed creative funding in our capital pile to help bring this project to fruition. The CastleGreen team presented a compelling financing solution that delivered on time and as promised. ”
C-PACE funding of clean and sustainable energy efficiency projects encompasses the collaboration of public / private funding of energy upgrades for the redevelopment of this iconic property.
Sal Tarsia, Managing Partner of CastleGreen Finance, said: “Lexington Partners is a key player in the revitalization of the Park Road business district, creatively using C-PACE funding for its ESG initiatives. It has been a pleasure working with the Lexington team on a redevelopment that illustrates the original purpose of creating C-PACE, but also respects and preserves the history of the property. ”
“We are delighted to see CastleGreen Finance close its first project in Connecticut; the largest C-PACE project to date, in the state. This project is a great example of private capital working in the state’s open market to fund C-PACE, ”said Bryan Garcia, president and CEO of Connecticut Green Bank. “The redevelopment of the Convent of the Sisters of Saint Joseph will not only make the property’s energy consumption more efficient and affordable, it will create housing opportunities and continue to support the Sisters, who strive to serve all people. , especially those in need. This project will have a positive impact in West Hartford and exemplifies Green Bank’s vision of a planet protected by the love of humanity.
About CastleGreen Finance – www.CastleGreenfinance.com
CastleGreen Finance, in partnership with X-Caliber Capital, is a private equity source focused on PACE (Property Assessed Clean Energy) commercial finance. CastleGreen Finance brings extensive experience in commercial real estate across a wide range of financial disciplines. The CastleGreen team’s extensive real estate experience, combined with their core C-PACE capabilities, provides our clients with the knowledge and resources to create a superior capital stack that meets all of their needs and helps unlock the potential of their commercial real estate. We understand that the most important part of any real estate transaction comes with the capital at closing. Our team is focused on the details of every transaction to ensure we can get our customers to the finish line.