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The transaction is expected to close April 9 and is a positive notch toward further institutionalization for the niche financing category.
Managers are facing a ‘mind-blowing’ climate financing need.
Property finance was on the agenda during week one of the 29th session of the Conference of the Parties to the United Nations Framework Convention.
The live-work development’s funding includes a $155.5m C-PACE component.
Sustainable office properties are gaining favor with tenants, but financing the conversions remains difficult for small- and mid-market owners.
It is still early days for sustainable lending in the US, but the growth of C-PACE and green lending indicates the direction of travel.
More C-PACE records are being set as sponsors seek lower-cost capital for construction and retrofit projects.
Six insurance firms allocated $525m to finance energy efficiency and sustainability projects.
The strategy is growing in the US, but it lacks a real catalyst to drive change.
The manager has worked with third-party advisers to devise a sustainable lending framework.