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$13.3 Million Green First Mortgage Loan

  • SCP Team
  • Oct 9
  • 1 min read

Updated: Oct 10

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Sustainable Credit Partners (SCP), an innovative green private credit platform, today announced the closing of a $13.3 million first mortgage loan to refinance Extra Space Storage South Scottsdale a newly constructed, Class A self-storage facility located in Scottsdale, Arizona. The property is owned by an affiliate of Clearsky Capital.

 

Energy-efficient improvements at the property include heat pump HVAC systems, motion-sensing LED lighting, low-flow plumbing fixtures, and economizer modes for RTUs. The property’s energy use intensity is better than ASHRAE’s target benchmark for warehouse and storage assets, making it eligible under SCP's loan criteria. SCP’s technical assistance partner GreenGen has concluded that the property is on a Net Zero Pathway.

  

“SCP was founded to meet this moment in the real estate market, where refinancing pressure and sustainability imperatives converge. Closing this loan in less than 40 days in partnership with GreenGen and Climate First Bank is proof of our business model: to deploy capital faster, simpler, and with meaningful impact.” – Robert Zulkoski, CEO of Sustainable Credit Partners.

 

The non-recourse interest-only loan has an initial term of three years with extension options. The borrower, Clear Sky Capital is a privately owned, fully integrated real estate investment management and development company with investments across multifamily, self-storage, and manufactured housing. The loan,originated by SCP in partnership with Climate First Bank, is part of a broader strategic partnership between the two companies. JLL arranged the financing.



 
 
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