CounterpointeSRE closes Connecticut's largest C-PACE for the Corbin District

GREENWICH, Conn. - Aug. 25, 2024 - PRLog -- CounterpointeSRE, the leading provider of C-PACE, announced the closing of $165 million with $63 million in Connecticut's largest C-PACE (https://counterpointesre.com/transactions/) transaction for Baywater Properties' mixed-use development in Darien, CT.

The financing took advantage of new guidelines to fund new construction and resiliency by including Green Infrastructure into the project. The C-PACE allowed Baywater to decrease interest carry costs and operating expenses with anticipated utility savings from upgrades modeled to reduce energy use 435,238 kWh and water savings of 3,738,147 gallons annually for an anticipated reduction of greenhouse gases 266.09 MTCO2e annually over similar properties.

"Increasingly, developers want to build sustainably but it can feel like a daunting undertaking in today's financial markets" said Michele Pitale, head of PACE at Counterpointe Sustainable Real Estate. "We're pleased to partner with Baywater Properties to support their vision for Darien's growth that we hope will encourage others to design with resiliency and sustainability  goals that paired with C-PACE make economic sense" (https://counterpointesre.com/transactions/).

In June 2024, Connecticut Green Bank announced expansion of its C-PACE program (https://www.ctgreenbank.com/flagship-financing-programs-a...) to include resilient building practices to address the effects of climate change on commercial properties. SBNo 93 sponsored by Connecticut's Energy and Technology Committee chaired by Senator Norman Needleman added resilience to the C-PACE eligible measures. The Corbin District Green Infrastructure upgrades are modeled to manage 652,235 gallons/yr of stormwater.

"I applaud Baywater Properties and David Genovese for making sustainability a central feature of The Corbin District project," stated Town of Darien First Selectman Jon E. Zagrodzky. "Their efforts are setting the standard for other developments in Darien to follow. I would also like to express my appreciation to CounterpointeSRE, who facilitated the C-PACE financing that made the planned Corbin sustainability investments possible.  It is gratifying to see such confidence in this important and transformative project.  Thanks to all!"

About Counterpointe Sustainable Real Estate

Since 2013, CounterpointeSRE has had a major impact through its investments to reduce the commercial building sector's carbon footprint and to increase resiliency in the nation's infrastructure. A majority-owned affiliate of MassMutual, Counterpointe Sustainable Advisors invests at the intersection of commercial real estate and energy industries through diversified sustainable financing including mortgages, C-PACE and other energy financial tools.

About Baywater Properties

Baywater Properties is a full-service commercial real estate company serving Fairfield County, Connecticut, and Westchester County, New York. The company owns and actively manages a large portfolio of commercial real estate assets and continues to seek value-added real estate investment opportunities which complement its expertise in ground-up development and asset repositioning.