Barings and CounterpointeSRE Provide $165 million in Construction Financing for The Corbin District – Phase II
15 Julio 2024 - 8:00AM
Business Wire
Barings, one of the world’s largest diversified real estate
investment managers, announced today that it has provided a $102
million construction loan alongside $63.3 million in C-PACE
financing from Counterpointe Sustainable Real Estate for the
development of The Corbin District – Phase II in Darien,
Connecticut. 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.
“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,
customize a capital stack, and leverage our in-house construction
team to position The Corbin District for success in this next
phase,” said Ryan Naumes, Managing Director with Barings. “We
continue to see tremendous opportunity in the construction lending
space, especially as it relates to C-PACE structures.”
“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,” said David Genovese, CEO of Baywater. “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. My team and I are looking forward to
bringing new life to downtown Darien in the next two years, and we
are grateful for the support of Barings and Counterpointe in our
efforts.”
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. Phase II is expected to be complete in 2026
and 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 commercial components of the property are nearly
80% pre-leased and will add a mix of new tenants, including
professional service company Aon, Crestwood Advisors and Janney
Montgomery Scott.
The financing from Barings has a five-year term and the C-PACE
funding from CounterpointeSRE has a twenty-five-year term. The New
York JLL Capital Markets team led by Michael Gigliotti, Evan
Pariser, and Robert Tonnessen advised sponsorship on the
financing.
“The Corbin District’s sponsorship utilized C-PACE funding to
lower the overall cost of capital by efficiently funding the
project’s sustainable infrastructure”, said Christopher Hoeffel,
President of CounterpointeSRE. “The transaction also represents the
largest C-PACE assessment ever closed in Connecticut, taking
advantage of a recent state law amendment to expand the
program.”
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.
About Barings
Barings is a $406+ billion* global asset management firm that
partners with institutional, insurance, and intermediary clients,
and supports leading businesses with flexible financing solutions.
The firm, a subsidiary of MassMutual, seeks to deliver excess
returns by leveraging its global scale and capabilities across
public and private markets in fixed income, real assets and capital
solutions.
*Assets under management as of March 31, 2024
About Counterpointe Sustainable Real Estate
Since 2013, Counterpointe has had a major impact in reducing the
commercial building sector’s carbon footprint and in providing
resiliency to the nation’s infrastructure. A majority-owned
affiliate of MassMutual, Counterpointe Sustainable Advisors invests
at the intersection of commercial real estate and energy industries
through diversified sustainable infrastructure investments
including mortgages, PACE and other energy financial tools.
About Baywater Properties
Baywater Properties is a full-service commercial real estate
company serving Fairfield County, Connecticut, and Westchester
County, New York. The company owns and actively manages a large
portfolio of commercial real estate assets and continues to seek
value-added real estate investment opportunities which complement
its expertise in ground-up development and asset repositioning.
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