C-PACE Financing
$13.8MM
Loan Type
Renovation
C-PACE Term
XX

One Park Road

Hartford, Connecticut

CastleGreen Finance provided a $13.8MM C-PACE loan to facilitate the conversion of a 135- year-old convent into a 292-unit apartment complex. The C-PACE project is the largest closed in the state of Connecticut to date and was subsequently recognized by Connecticut Green Bank as the C-PACE Outstanding Project for 2021.

The Opportunity

The redevelopment of this iconic property will add a large multifamily housing complex on the 22-acre property while maintaining much of the green space and will preserve the convent for the Sisters of St. Joseph. 10% of the units will be reserved for affordable housing for applicants earning less than 80% of the median income for West Hartford.

The Solution

The use of C-PACE financing for eligible energy efficiency improvements allows the property owners to realize significant cost of capital savings as well as operational energy savings over the life of the financing.

The Companies

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