Project Overview
Ridge Storage is a five-story, 86,500-square-foot facility housing 756 self-storage units. C-PACE provided critical long-term financing that filled a key gap in the construction capital stack while incentivizing high-performance building methods during the initial design phase. Through high-efficiency building systems and sustainable construction technologies, the facility is projected to operate 34% more energy efficient than required by Philadelphia’s building energy code baseline.
PEA, Nuveen Green Capital, and 4002-22 Ridge Ave II, LLC closed in May 2022 on $3,083,268 in C-PACE financing for 4002-22 Ridge Avenue in Philadelphia’s East Falls neighborhood. Represented by Argo Property Group, the owners secured C-PACE capital to complete their capital stack and fund energy efficiency measures during ground-up development. The transaction closed in under two months from pre-application submission to assessment recording.
$3 million
$11,275
Annual energy savings
58 Mt
Annual avoided carbon emissions
Project Details
C-PACE financing was used to fund high-efficiency building infrastructure and water conservation systems, reducing long-term operating costs and environmental impact. C-PACE funds covered the following building improvements:
- High-efficiency HVAC systems and mechanical equipment
- Advanced interior and exterior LED lighting and lighting controls
- High-performance building envelope insulation and sealing
- Low-flow plumbing fixtures and water conservation infrastructure