{"id":1004721358,"date":"2024-07-16T04:39:02","date_gmt":"2024-07-16T12:39:02","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004721358"},"modified":"2024-07-31T04:06:53","modified_gmt":"2024-07-31T12:06:53","slug":"barings-counterpointesre-provide-165m-for-mixed-use-project","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/barings-counterpointesre-provide-165m-for-mixed-use-project\/","title":{"rendered":"Barings, CounterpointeSRE Provide $165M for Mixed-Use Project"},"content":{"rendered":"\n<p>Through updated guidelines from the program administrator that allowed <a href=\"https:\/\/www.commercialsearch.com\/news\/how-owners-are-optimizing-the-capital-stack-with-c-pace\/\">C-PACE funding<\/a> of new construction, Barings has provided a $102 million construction loan alongside $63.3 million in green financing to help redevelop downtown Darien, Conn.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/07\/The-Corbin-District-Phase-II-featured.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"664\" height=\"500\" data-attachment-id=\"1004721392\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/barings-counterpointesre-provide-165m-for-mixed-use-project\/the-corbin-district-phase-ii-featured\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/07\/The-Corbin-District-Phase-II-featured.jpg\" data-orig-size=\"664,500\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"The-Corbin-District-Phase-II-featured\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Connecticut\u2019s Corbin District gains construction funding for Phase II. Image courtesy of Baywater Properties&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/07\/The-Corbin-District-Phase-II-featured.jpg?w=664\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/07\/The-Corbin-District-Phase-II-featured.jpg\" alt=\"Connecticut\u2019s Corbin District gains construction funding for Phase II \" class=\"wp-image-1004721392\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/07\/The-Corbin-District-Phase-II-featured.jpg 664w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/07\/The-Corbin-District-Phase-II-featured.jpg?resize=300,226 300w\" sizes=\"auto, (max-width: 664px) 100vw, 664px\" \/><\/a><figcaption class=\"wp-element-caption\">Connecticut\u2019s Corbin District gains construction funding for Phase II. <em>Image courtesy of Baywater Properties<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>The C-PACE funding came from Counterpointe Sustainable Real Estate and will be used toward The Corbin District \u2013 Phase II project. The transaction represents the largest C-PACE assessment ever closed in Connecticut.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO<\/strong>: <a href=\"https:\/\/www.commercialsearch.com\/news\/why-c-pace-loans-are-at-a-record-high\/\">Why C-PACE Loans Are at a Record High<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p>CounterpointeSRE launched a pilot program for new construction in 2018 that has been used to close the largest deals in the state.<\/p>\n\n\n\n<p>The project will be ongoing in downtown Darien for the next two years.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-a-mixed-use-destination\">A mixed-use destination<\/h2>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>Baywater Properties, which completed Phase I of the project in 2022, has launched the second phase of construction to further enhance Darien\u2019s downtown core.<\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>The Corbin District\u2019s sponsorship utilized C-PACE funding to lower the overall cost of capital by efficiently funding the project\u2019s sustainable infrastructure, according to CounterpointeSRE.<\/p>\n\n\n\n<p>This financing expands Barings\u2019 $28.4+ billion real estate debt platform, which leverages the team\u2019s 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.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The financing includes the largest C-PACE assessment ever closed in Connecticut.<\/p>\n","protected":false},"author":3568,"featured_media":1004721392,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,37753,21752,21742,10,21747,21749],"tags":[34275,44006],"class_list":["post-1004721358","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-research-center-finance","category-mixed-use","category-latest","category-northeast","category-office","category-retail","tag-barings","tag-jll-capital-markets"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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