CounterpointeSRE announced the closing of the largest Commercial Property Assessed Clean Energy (C-PACE) to date in Pennsylvania at $60 million to fund the construction by Pearl Properties of Harper Square, a 45-story multifamily tower in the heart of Rittenhouse Square in Philadelphia.
With total financing of $173 million, CounterpointeSRE provided $60 million in C-PACE, while Barings provided a mortgage of approximately $113 million. The luxury multifamily design, offering panoramic city and river views, is being built to exceed energy code requirements, resulting in a modeled 36 percent reduction in building energy use. The multiple efficiency measures include a building automation system controlling central building functions, air-cooled heat pumps and energy-recovery systems.
“This successful closing of Harper Square reflects strong collaboration between CounterpointeSRE, Barings, the Philadelphia Energy Authority and Pearl Properties,” said Eric Alini, CEO at
