3 W. Main St, Suite 103
Irvington, NY 10533
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
Designed to reduce CO2 emissions by 189.1 MT/year
Designed to reduce energy use by 466,256 kWh/year
Designed to save an estimated 4.9MM gallons of water annually
Expected to employ 150 construction workers and 5 full-time employees
Expected energy cost saving of $65,079 in year one and $1.9MM over the lifetime of the finance
