One Park Road

C-PACE Financing

Creating Borrower Savings and Affordable Housing

CastleGreen provided a $13.8 million C-PACE loan to facilitate the conversion of a convent into a 292-unit apartment complex. The financing was part of a $70MM redevelopment project of a historic property that supports the conversion of a 135-year-old convent. The convent is being converted into a 292-unit multifamily housing complex that contributes to the financial security of the Sisters of St. Joseph of Chambéry, while allowing them to remain in their home.

Based on strong sponsorship and business plan, CastleGreen recommended a C-PACE structure that will create significant cost savings over the life of the financing.

At the time, One Park Road was the largest C-PACE project closed in the State of Connecticut and was previously recognized by Connecticut Green Bank as the C-PACE Outstanding Project for 2021.

In addition to allowing the sisters to remain in their home, ten percent of the units will be reserved for households who earn less than 80% of the Area Median Income (AMI).

Designed to save $4.6MM in energy costs over the lifetime of the improvements.

• Annual CO2 reduction of 453.6 MT per year
• Estimated annual energy savings of 31.1%