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June 25, 2021

W. Hartford convent conversion is CT’s largest C-PACE efficiency project

Photo | Contributed A rendering shows the planned apartments at One Park Road.
By Matt Pilon

As crews prepare to convert the Sisters of St. Joseph of Chambéry convent and estate in West Hartford into 292 apartments, the two prominent developers behind the $70 million project have closed on a clean energy project loan that’s the largest in the Connecticut Green Bank’s history.

The One Park Road project, led by Marty Kenny of Lexington Partners and LAZ Parking’s Alan Lazowski, just closed on a $13.8 million transaction with the quasi-public Green Bank’s so-called “Commercial Property Assessed Clean Energy” program.

C-PACE provides long-term financing through a property’s tax bill for renewable energy or efficiency measures at commercial properties. From 2013 through fiscal year 2020, C-PACE had committed a total of $185 million to 315 projects.

The developers worked with New York-based CastleGreen Finance Construction on the C-PACE deal. CastleGreen didn’t detail the energy measures planned for the site.

Bryan Garcia, Green Bank CEO, said in a statement the deal “will not only make energy usage at the property more efficient and affordable, it will create housing opportunities and continue to support the Sisters, who strive to serve all people, especially those in need.”
 

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