• Commercial Real Estate
  • New Construction
  • Philadelphia C-PACE

C-PACE Finances Cold Storage Facility Energy Upgrades

Project Overview

Closing Date: November 30, 2022

FreezPak Logistics is a new cold storage facility designed for energy-efficient, temperature-controlled operations. In November 2022, PEA, Nuveen Green Capital, and BGFP Philadelphia LLC closed on $30.1 million in C-PACE financing for the 168,000-square-foot facility at 2201 E. Allegheny Avenue, located within the Port Richmond neighborhood of Philadelphia. The facility is designed to operate 30% more efficiently than required by Philadelphia’s building energy code.

$30 million
Project financing
$131,644

Annual energy savings

1,229 Mt

Annual avoided carbon emissions

“Alternative debt solutions like C-PACE have now become critical in rounding out the capital stack within larger scale projects. We are extremely fortunate to work with the team at Nuveen Green Capital on getting this deal over the finish line and working with a company whose product has an emphasis on sustainability within our industry.”
- Joe Byrne, Managing Partner, BG Capital

Project Details

C-PACE financing supported energy efficiency and water conservation improvements, including high-efficiency HVAC systems, freezer evaporators, LED lighting, building insulation and glazing, exhaust fans, and domestic water heating.

The improvements are projected to save $131,644 in utility costs annually and reduce the facility’s lifetime carbon footprint by 27,849 metric tons of carbon dioxide equivalent over the 30-year financing term.

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