Chapman served as counsel to North Bridge ESG LLC on a commercial property assessed clean energy (C-PACE) financing named the 2025 PACESetter Innovative Deal of the Year ($50M+) by PACENation. The $108 million financing enabled the second phase of construction at AREA15, a 20-acre immersive entertainment district located just off the Las Vegas Strip. It is one of the largest C-PACE construction loans in Nevada to date.
The financing will support nearly 300,000 square feet of new development, including experiential retail, food and beverage destinations, and interactive attractions. The deal featured a C-PACE tranche structured like a synthetic A-note, layered with senior debt and equity to form an all-institutional capital stack. By replacing mezzanine capital with long-term C-PACE financing, the structure reduced the cost of capital, increased flexibility, and eliminated negative arbitrage. The transaction underscores the growing scalability of C-PACE as a financing tool for institutional borrowers developing complex, mixed-use projects. Chapman’s deal team included David Sykes and Robbie Troiano.
This marks the second C-PACE transaction involving Chapman to receive PACENation’s Innovative Deal of the Year award. In 2024, the firm served as initial purchaser’s counsel in a $172 million C-PACE financing structured as a 144A municipal bond offering issued by the California Statewide Communities Development Authority and secured by a C-PACE assessment on the PG&E corporate headquarters in Oakland, California.
