Project Overview
Somerset Station is a 220-unit apartment building developed by Riverwards Group in partnership with Citizens Bank. The $58-million project received $17,914,777 in C-PACE financing from Nuveen Green Capital for the building’s energy efficiency and water conservation upgrades.
Somerset Station was the first multifamily project to receive funds through the Philadelphia C-PACE program. Located at 2200 E. Somerset Street in Philadelphia’s Port Richmond neighborhood, the deal was authorized following state legislation extending program eligibility to commercial multifamily buildings of five or more units (Act 43 of 2022 / Senate Bill 635).
$17.9 million
$93,470
Annual energy savings
754 Mt
Annual avoided carbon emissions
Project Details
C-PACE provided critical long-term capital that reduced the developer’s equity requirements and completed the project’s capital stack. Engineer EE Consultants, LLC designed the apartment’s energy efficiency measures to exceed standard Philadelphia energy code requirements by 26%. C-PACE funds covered building improvements:
- High-efficiency HVAC systems
- Advanced LED lighting and lighting controls
- High-performance building envelope insulation and sealing
- Water-conserving plumbing fixtures and low-flow systems