Brandywine Realty Trust has secured $87.3 million in C-PACE financing for its life sciences building at 3151 Market Street. As a result, the deal marks the largest C-PACE loan in Pennsylvania history.

The 472,000-square-foot property was completed in late 2024. Meanwhile, leasing activity has remained limited. As of October, only retail tenants Fine Wine & Good Spirits and Starbucks were in place.

The financing was originated by Nuveen Green Capital. In addition, the loan is being administered by the Philadelphia Energy Authority. Therefore, lower interest rates are being provided in exchange for sustainable building upgrades.

Notably, $30 million of the loan has been reserved for future tenant improvements. Consequently, flexibility has been created to attract additional life sciences users.

The building sits within the Schuylkill Yards development in University City. Moreover, the 14-acre project represents a $3.5 billion partnership with Drexel University.

The building is seeking LEED Platinum certification. As a result, funding will support improvements to lighting, HVAC systems, water conservation, and the building envelope.

Originally, the tower was developed on a speculative basis. However, life sciences leasing slowed as industry funding declined. Therefore, occupancy has remained below expectations.

By refinancing the project, Brandywine has preserved liquidity. Ultimately, the transaction marks the first C-PACE loan secured by a publicly traded real estate investment trust.