Project Overview
Somerset Station Phase II is a 146,000-square-foot, 170-unit multifamily building located adjacent to the 220-unit first phase of Somerset Station. The new development will feature 76 studios, 38 one-bedroom units, 56 two-bedroom units, and an on-site parking garage.
PEA, Nuveen Green Capital, and Somerset Street Station LLC closed in September 2026 on $15.9 million in C-PACE financing. The C-PACE assessment covers 88% of total eligible clean energy measures and forms a key component of the $46 million total project budget. Somerset Station Phase II is scheduled to complete construction in early 2028.
$16 million
$85,700
Annual energy savings
221 Mt
Annual avoided carbon emissions
Project Details
C-PACE financing was used to fund high-efficiency building systems, water conservation measures, and energy conservation infrastructure during ground-up construction. The building is projected to operate 31% more energy efficient than required by Philadelphia’s building energy code baseline (IECC 2018).
C-PACE funds cover the following building improvements:
- High-efficiency HVAC systems
- High-performance building envelope insulation and sealing
- Advanced interior and exterior LED lighting and controls
- Low-flow plumbing fixtures and water conservation infrastructure