Bank Street Lofts
Baltimore City, MD
Investing in Community & Efficiency
Bank Street Lofts is a 149-unit, mid-rise multifamily development project located in Baltimore City, MD, that will be comprised of studio apartments, one and two-bedroom units, as well as fully furnished co-living units with three and four bedrooms. The project is located at 3905 Bank Street, conveniently situated between Johns Hopkins Bayview Medical Center and Johns Hopkins main medical campus, in the neighborhood of Highlandtown, which is characterized by rowhouses, a variety of eateries and bars, and a community rich in cultural diversity.
Nuveen Green Capital’s long-term, fixed-rate C-PACE capital will be used to finance nearly $9M in energy efficiency measures including lighting, plumbing, windows, HVAC and building envelope, which will result in both a positive environmental and financial impact on the property.
About Commercial PACE
Commercial Property Assessed Clean Energy (C-PACE) makes it possible for commercial property owners to obtain low-cost, long-term financing for energy efficiency, water conservation and renewable energy projects. The program starts with a state-level government policy that classifies clean energy upgrades as a public benefit – like a new sewer, water line or road. These upgrades can be financed with no money down and then repaid as a benefit assessment on the property tax bill over a term that matches the useful life of improvements and/or new construction infrastructure (typically ~20-30 years). The assessment transfers on the sale of the property and can be passed through to tenants where appropriate. While facilitating sustainability efforts, the program reduces property owners’ annual costs and provides dramatically better-than-market financing for green new construction.
“Nuveen Green Capital was an outstanding partner, understanding the goals of the project and our sensitivity to making Bank Street Lofts a standout in energy efficiency.”
– Doug Schmidt, Principal, Workshop Development