Aksoylu Properties Gets C-PACE Funding for Virginia Assisted Living Facility
Nuveen Green Capital provided capital for a newly constructed assisted living and memory care property.
Aksoylu Properties has landed $8.7 million in C-PACE financing for its $34.7 million English Meadows Manassas senior housing development, featuring assisted living and memory care, in the Manassas area of Prince William County, Va. This is the first C-PACE-financed transaction under Virginia’s statewide C-PACE program.
Commercial Property Assessed Clean Energy financing enables commercial property owners and developers to gain access to low-cost, long-term, fixed-rate capital for energy efficiency, resiliency, water conservation and renewable energy improvements. The Virginia C-PACE program, in place since 2022, was designed to facilitate the financing of energy efficiency, renewable energy and resiliency measures to promote clean energy and economic development projects in Virginia.
Nuveen Green Capital, working with the Virginia PACE Authority and Prince William County, provided the C-PACE capital, which funded lighting, building envelope, HVAC, plumbing and roofing upgrades at the newly constructed 88-unit, 105-bed property.
Part of the 27-acre, mixed-use Evergreen Village Development, English Meadows’ mission is to deliver a family-like environment for seniors. A blend of studio, one- and two-bedroom layouts are available. Among amenities is a sports bar with billiards. In total, English Meadows provides 64 assisted-living units and 24 memory-care units.
“Despite 2023 being the most challenging interest-rate environment in nearly two decades, Nuveen Green Capital held a positive long-term outlook on the Prince William County, Va. market and the English Meadows property,” Michael Billingsley, senior director, originations, at Nuveen Green Capital told Multi-Housing News. “By providing attractive well-structured capital to Aksoylu Properties, Nuveen Green Capital was able to meet the current and anticipated future financial needs of the senior living development, while satisfying the requirements of all the deal participants.”
“Nuveen Green Capital was an excellent financing partner and was steadfast in delivering on their execution,” Ahmet Aksoylu, owner of Aksoylu Properties, told MHN. “They were instrumental in successfully guiding us through the new Statewide Virginia C-PACE program, and we are excited to be recognized as the first project closed under the program.”
By passing ordinances for C-PACE, jurisdictions can use the VA C-PACE Program as an economic development tool for both new construction and rehabilitation of existing buildings. Last year, in Pennsylvania’s largest C-PACE transaction to that point, a Philadelphia multifamily property obtained $40 million in C-PACE financing.