C-PACE was used to finance the construction of 114-unit multifamily property in the Fishtown neighborhood near the Market-Frankford “El” expanding on the number of transit-oriented developments in the area. On July 31, 2024, PACE Loan Group (PLG) closed a $10.6 million C-PACE loan with 1440 FRONT LLC to complete the capital stack for the new construction of a 114-unit multifamily property in the Fishtown neighborhood of Philadelphia resulting from combining six vacant city lots. The project, at 1440 N. Front Street has an expected completion date of June 2026. 

The new construction project includes 2,083 sq. ft. of ground-level retail space, 114 apartments, a green roof deck, fitness center, and business center. Builders Capital provided a $14 million construction loan. The C-PACE proceeds will be used for the building envelope, energy-star windows, HVAC, lighting systems, and mechanical systems. 

Fact sheets for this project and all PA C-PACE projects can be found here.  

Matthew McCormack (Senior Vice President) at PLG who originated the loan stated, “when a local bank backed out at the closing table, PLG worked with JLL to bring a partner lender, Builders Capital, to complete the capital stack. We were pleased that C-PACE enabled this project to move forward and to have completed our first Pennsylvania project.”

Interested in learning more about C-PACE? Contact us at cpace@philaenergy.org and/or attend our C-PACE Open Meetings which take place on the last Thursday of each month from 2:00-3:00PM. See all C-PACE Philadelphia events here.

About PACE Loan Group
PACE Loan Group (PLG) is a national leader in the C-PACE marketplace, providing direct C-PACE financing to commercial property owners. PLG benefits from institutional support with $700 million in capital from funds managed by AB CarVal, a subsidiary of Alliance Bernstein. The PLG team provides expertise up and down the capital stack, from origination and underwriting to loan servicing. To learn more about PLG, visit www.paceloangroup.com.