JEMB’s Herald Towers Secures NYC’s First Multifamily C-PACE Financing
North Bridge ESG LLC, a leading provider of real estate credit solutions, closed on $8.5 million in C-PACE financing to support infrastructure upgrades at Herald Towers, a three-tower apartment complex located at 50 W. 34th St. in Midtown Manhattan. The transaction reportedly marks the first multifamily C-PACE deal completed in New York City.
JEMB Realty, the building owner, is deploying C-PACE to replace aging heating and cooling systems with electrified, high-efficiency equipment that reduces both carbon emissions and operating expenses in accordance with the city’s Local Law 97, while improving long-term building performance and ultimately increasing collateral value.
“This transaction signals the growing institutional acceptance of C-PACE as a credit solution that supports long-term asset value,” said Laura Rapaport, founder and CEO at North Bridge. “This financing demonstrates how New York City’s C-PACE program can meaningfully contribute to the city’s electrification and retrofit goals and support significant building improvement projects.”
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Ontario Cuts Housing Forecast Despite New Development Incentives
Ontario Finance Minister Peter Bethlenfalvy told the legislature Thursday that the province’s response to economic uncertainty is to “build, and to build together.” But the Fall Economic Statement he delivered forecasts considerably less building than the government expected just six months ago. Ontario now projects 65,100 housing starts in 2027, down from 70,300 in its...
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Five Major Banks Finance 917-Unit Etobicoke Rental
Five major Canadian banks are financing a 917-unit rental development in Etobicoke, where construction is now underway on a site previously planned for condominiums. CBRE Capital arranged the conventional, uninsured construction financing for EllisDon Developments and Windsor Private Capital’s two-tower project at 80–90 Fieldway Rd., near Kipling station. The LiUNA Pension Fund is also an...
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Peakhill Launches $750M Rental Construction Lending Program
Peakhill Capital has launched a $750-million construction lending program for rental housing developments across Canada, with $450 million in loans already closed under the new platform this year. The Toronto-based lender announced Thursday that its Everest program, backed by an initial institutional commitment, will provide CMHC-insured construction loans ranging from $4 million to $200 million....
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout