US real estate investor Baywater Properties has secured a $165m (€151m) construction financing from Barings and Counterpointe Sustainable Real Estate (SRE).
Asset manager Barings said it has provided a $102m construction loan alongside $63.3m in commercial property assessed clean energy (C-PACE) financing from Counterpointe SRE for the development of The Corbin District – Phase II in Darien, Connecticut.
The Corbin District consists of over six acres in downtown Darien situated between I-95, the Darien Metro North Train Station, and Poston Post Road.
Baywater Properties completed Phase I of The Corbin District project in 2022. Phase II is expected to be complete in 2026 and will feature 11 new buildings, including 112 apartment units, 105,968sqft of office space and 78,810sqft of retail space. The commercial components of the property are nearly 80% pre-leased.
Ryan Naumes, MD at Barings, said: “We are excited to partner with the exceptional local team at Baywater Properties that’s transforming downtown Darien for the better and we’re pleased with our team’s ability to move quickly, customise a capital stack, and leverage our in-house construction team to position The Corbin District for success in this next phase.
“We continue to see tremendous opportunity in the construction lending space, especially as it relates to C-PACE structures.”
Christopher Hoeffel, president of Counterpointe SRE, said: “The Corbin District’s sponsorship utilised C-PACE funding to lower the overall cost of capital by efficiently funding the project’s sustainable infrastructure.
“The transaction also represents the largest C-PACE assessment ever closed in Connecticut, taking advantage of a recent state law amendment to expand the programme.”
David Genovese, CEO of Baywater, said: “We are excited to be working with the Barings and Counterpointe SRE teams as our debt capital partners for the second phase of The Corbin District.
“The construction experience and financial structuring expertise of the Barings and Counterpointe teams, coupled with their ability to execute this financing in a seamless manner, made the decision to work with them an easy one.”
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