Barings, CounterpointeSRE Provide $165M for Mixed-Use Project
The financing includes the largest C-PACE assessment ever closed in Connecticut.
Through updated guidelines from the program administrator that allowed C-PACE funding of new construction, Barings has provided a $102 million construction loan alongside $63.3 million in green financing to help redevelop downtown Darien, Conn.
The C-PACE funding came from Counterpointe Sustainable Real Estate and will be used toward The Corbin District – Phase II project. The transaction represents the largest C-PACE assessment ever closed in Connecticut.
READ ALSO: Why C-PACE Loans Are at a Record High
CounterpointeSRE launched a pilot program for new construction in 2018 that has been used to close the largest deals in the state.
The project will be ongoing in downtown Darien for the next two years.
A mixed-use destination
The Corbin District consists of more than 6 acres in downtown Darien situated between I-95, the Darien Metro North Train Station and Poston Post Road. Phase II will feature 11 new buildings, including 112 apartment units, 105,968 square feet of office space and 78,810 square feet of retail space.
The financing from Barings has a five-year term and the C-PACE funding from CounterpointeSRE has a 25-year term. The New York JLL Capital Markets team led by Michael Gigliotti, Evan Pariser, and Robert Tonnessen advised sponsorship on the financing.
Baywater Properties, which completed Phase I of the project in 2022, has launched the second phase of construction to further enhance Darien’s downtown core.
The commercial components of the property are nearly 80 percent preleased and will add new tenants, including professional service company Aon, Crestwood Advisors and Janney Montgomery Scott.
The Corbin District’s sponsorship utilized C-PACE funding to lower the overall cost of capital by efficiently funding the project’s sustainable infrastructure, according to CounterpointeSRE.
This financing expands Barings’ $28.4+ billion real estate debt platform, which leverages the team’s broad direct origination capabilities and deep credit expertise to invest in loans secured by institutional-quality commercial real estate in strategic locations in North America and Europe.
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