888 Delaware Avenue
Opportunity
The owner’s business plan was to preserve the historic details of the property while converting the interior into stylish apartment units with modern finishes. They brought in C-PACE financing alongside historic tax credits to backfill a shortfall in senior lender proceeds. By utilizing C-PACE, many of the building systems were able to be modernized to energy efficient standards, including lighting, water heaters, and the HVAC system.
Property Summary
This historic property includes an existing two and three-story former school building along 1.53 acres of land at 888 Delaware Avenue in Buffalo, NY. The structure was most recently occupied by Oracle Charter school until 2018. The developer plans to convert the entire 73,855 sq.ft. building into 51 apartments. This will include a mix of furnished and unfurnished studios, one, and two-bedroom apartments.
“Our organization worked with a local bank on the rehab of a 120 year old mansion and, due to a shortfall in funding, we became aware of the potential of C-PACE financing. We were introduced to the Nuveen Green Capital team who walked us through the process. In addition to our equity, the bank financing and historic tax credits, C-PACE enabled us to complete the capital stack that we needed. The team at Nuveen Green Capital was a pleasure to work with and assisted us in navigating the complexities with ease and efficiency.”
– Paul Korkmeyer
CEO, Priam Enterprises
C-PACE Financing ($)
Term (Years)
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