North Bridge's $8.5 Million Financing Marks a Milestone in New York's C-PACE Journey
On March 9, 2026, North Bridge ESG LLC, a prominent player in real estate credit solutions, announced the successful closing of an innovative financing deal amounting to $8.5 million. This transaction pertains to the C-PACE (Commercial Property Assessed Clean Energy) financing, aimed at facilitating significant infrastructure upgrades at Herald Towers, a prominent trio of residential buildings located in the heart of Midtown Manhattan at 50 West 34th Street. With a combined space of nearly one million square feet, this pivotal deal signifies the first multifamily C-PACE transaction of its kind in New York City.
This C-PACE financing is set to usher in a series of transformative upgrades that prioritize operational efficiency, energy conservation, and adherence to New York City's ambitious sustainability objectives outlined under Local Law 97. As the city aims to drastically reduce carbon emissions, this initiative positions Herald Towers not just as residential buildings but as models for enhanced environmental performance in urban living. Specifically, the financing will enable the transition of the building’s aging energy systems, which cover roughly 690 residential units, into modern, electrified high-efficiency counterparts.
North Bridge's advantage in securing the C-PACE financing lies in its ability to offer long-term, fixed-rate capital at significantly reduced costs compared to other forms of subordinate financing options. This financial strategy enables property owners to embark on the much-needed infrastructure enhancements without straining their financial resources. JEMB Realty, the owner of the building, recognizes the critical need for action and plans to invest in new heating and cooling mechanisms that minimize both carbon output and operational costs while boosting long-term property value.
Enacted in 2019, Local Law 97 introduced one of the nation’s most extensive sets of regulations on building emissions, aiming to foster a substantial decline in greenhouse gas production. The introduction of C-PACE financing is particularly significant as it allows property owners to incorporate energy efficiency upgrades into their financial planning, facilitating coverage for up to 100% of qualifying hard and soft expenses associated with these improvements.
Laura Rapaport, the Founder and CEO of North Bridge, voiced her enthusiasm for this landmark transaction, stating, "This financing showcases the growing institutional acceptance of C-PACE as a viable solution for enhancing long-term asset values. We are excited to contribute to New York City’s electrification efforts and support impactful enhancing projects for its historic structures."
The sentiments were echoed by Louise Yeung, NYC's Chief Climate Officer, who remarked on the essential role C-PACE plays in the city’s climate strategy. "This first multifamily C-PACE deal highlights the possibilities within our housing initiatives, demonstrating how vital climate actions can lead to direct benefits for the urban populace," Yeung stated.
Also, Curtis Probst, CEO of the New York City Energy Efficiency Corporation (NYCEEC), emphasized the program’s importance in financing essential upgrades in multifamily units while aligning with the city’s strategic policy objectives.
North Bridge’s continuous ascent within the C-PACE realm has been backed by a strategic commitment of $1 billion from The Carlyle Group, aimed at fortifying its lending capabilities. The firm has a proven track record in the institutional C-PACE sector, executing complex transactions across leading markets nationwide. With this robust backing, North Bridge is uniquely poised to deliver tailored financing solutions for various commercial real estate projects.
In conclusion, North Bridge’s successful closure of the first multifamily C-PACE deal in New York City is more than just a financial transaction; it is a step towards a greener, more sustainable urban environment, showcasing how innovative financing can lead to substantial long-term benefits for both property owners and the community as a whole.
North Bridge specializes in C-PACE financing opportunities for both new and recently completed projects across a diverse range of commercial real estate sectors. Their industry recognition reflects their commitment to pioneering some of the most complex C-PACE projects while maintaining a focus on innovative financial solutions integrated with deep industry knowledge. More details can be found at www.northbridgeops.com and on their LinkedIn page.
Established in 1990 by Morris Bailey and Joseph L. Jerome, JEMB Realty is a family-run real estate entity engaged in development, investment, and management. With a footprint that spans over 7 million square feet across the Greater New York City area and Montréal, JEMB Realty embodies a long-term, community-centric approach to real estate投资和管理.
This C-PACE financing is set to usher in a series of transformative upgrades that prioritize operational efficiency, energy conservation, and adherence to New York City's ambitious sustainability objectives outlined under Local Law 97. As the city aims to drastically reduce carbon emissions, this initiative positions Herald Towers not just as residential buildings but as models for enhanced environmental performance in urban living. Specifically, the financing will enable the transition of the building’s aging energy systems, which cover roughly 690 residential units, into modern, electrified high-efficiency counterparts.
North Bridge's advantage in securing the C-PACE financing lies in its ability to offer long-term, fixed-rate capital at significantly reduced costs compared to other forms of subordinate financing options. This financial strategy enables property owners to embark on the much-needed infrastructure enhancements without straining their financial resources. JEMB Realty, the owner of the building, recognizes the critical need for action and plans to invest in new heating and cooling mechanisms that minimize both carbon output and operational costs while boosting long-term property value.
Enacted in 2019, Local Law 97 introduced one of the nation’s most extensive sets of regulations on building emissions, aiming to foster a substantial decline in greenhouse gas production. The introduction of C-PACE financing is particularly significant as it allows property owners to incorporate energy efficiency upgrades into their financial planning, facilitating coverage for up to 100% of qualifying hard and soft expenses associated with these improvements.
Laura Rapaport, the Founder and CEO of North Bridge, voiced her enthusiasm for this landmark transaction, stating, "This financing showcases the growing institutional acceptance of C-PACE as a viable solution for enhancing long-term asset values. We are excited to contribute to New York City’s electrification efforts and support impactful enhancing projects for its historic structures."
The sentiments were echoed by Louise Yeung, NYC's Chief Climate Officer, who remarked on the essential role C-PACE plays in the city’s climate strategy. "This first multifamily C-PACE deal highlights the possibilities within our housing initiatives, demonstrating how vital climate actions can lead to direct benefits for the urban populace," Yeung stated.
Also, Curtis Probst, CEO of the New York City Energy Efficiency Corporation (NYCEEC), emphasized the program’s importance in financing essential upgrades in multifamily units while aligning with the city’s strategic policy objectives.
North Bridge’s continuous ascent within the C-PACE realm has been backed by a strategic commitment of $1 billion from The Carlyle Group, aimed at fortifying its lending capabilities. The firm has a proven track record in the institutional C-PACE sector, executing complex transactions across leading markets nationwide. With this robust backing, North Bridge is uniquely poised to deliver tailored financing solutions for various commercial real estate projects.
In conclusion, North Bridge’s successful closure of the first multifamily C-PACE deal in New York City is more than just a financial transaction; it is a step towards a greener, more sustainable urban environment, showcasing how innovative financing can lead to substantial long-term benefits for both property owners and the community as a whole.
About North Bridge
North Bridge specializes in C-PACE financing opportunities for both new and recently completed projects across a diverse range of commercial real estate sectors. Their industry recognition reflects their commitment to pioneering some of the most complex C-PACE projects while maintaining a focus on innovative financial solutions integrated with deep industry knowledge. More details can be found at www.northbridgeops.com and on their LinkedIn page.
About JEMB Realty
Established in 1990 by Morris Bailey and Joseph L. Jerome, JEMB Realty is a family-run real estate entity engaged in development, investment, and management. With a footprint that spans over 7 million square feet across the Greater New York City area and Montréal, JEMB Realty embodies a long-term, community-centric approach to real estate投资和管理.
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