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

C-PACE Supports Construction of New Multifamily Building in East Kensington

Project Overview

Closing Date: July 20, 2026

Riverwards Group received $17.3 million in Philadelphia C-PACE financing from Nuveen Green Capital to support construction of a new 155-unit multifamily apartment building in Philadelphia’s East Kensington neighborhood. 

The six-story development at 2507 Almond Street will include high-efficiency heating, ventilation, and air conditioning (HVAC) and building envelope upgrades, among other improvements. Construction on the $37 million development is expected to be complete by 2028.

$17.3 M
Project financing
$58,800

Annual energy savings

23.5%

Savings beyond building code

“At Riverwards Group, our goal is to develop housing that creates long-term value for residents, neighborhoods, and the city. We’re excited to partner with Nuveen to invest in higher-performing building systems that reduce energy and water consumption without compromising the project’s financial viability.”
- Mo Rushdy, Managing Partner, Riverwards Group

C-PACE financing covers 100% of the project’s eligible energy efficiency and water conservation improvements. These upgrades are projected to avoid 360 megawatt hours (mWh) of electricity and 1.5 million gallons of water per year, reducing the equivalent of 158 metric tons of annual carbon emissions. Overall, the project is anticipated to outperform Philadelphia energy code requirements by 23.5%. 

PEA, Nuveen, and Riverwards Group previously closed the first multifamily Philadelphia C-PACE deal. Riverwards Group received $18 million in funding for 2200 E. Somerset, a 220-unit apartment in Port Richmond.

“The competitive spread, combined with an innovative tranching structure, delivered a lower cost of capital for the sponsor without diluting equity. This closing is a great example of how C-PACE can meaningfully improve a sponsor’s cost of capital and optionality while driving sustainable construction.”

- Mike Doty, Senior Director of Originations at Nuveen Green Capital
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