Barings, a leading global real estate investment manager, has announced a $102 million construction loan in conjunction with $63.3 million in C-PACE financing from Counterpointe Sustainable Real Estate for The Corbin District – Phase II in Darien, Connecticut. Baywater Properties, which completed Phase I in 2022, has initiated the second phase to enhance Darien’s downtown area.
“We are thrilled to partner with Baywater Properties and support the transformation of downtown Darien,” said Ryan Naumes, Managing Director at Barings. “Our team’s ability to quickly customize a capital stack and leverage our construction expertise positions The Corbin District for success in this next phase. We see significant opportunities in the construction lending space, particularly with C-PACE structures.”
David Genovese, CEO of Baywater Properties, expressed his enthusiasm, stating, “We are excited to work with Barings and Counterpointe SRE as our debt capital partners. Their construction experience and financial structuring expertise made our decision easy. We look forward to revitalizing downtown Darien over the next two years and appreciate their support.”
The Corbin District spans over six acres in downtown Darien, located near I-95, the Darien Metro North Train Station, and Post Road. Phase II, set for completion in 2026, will feature 11 new buildings with 112 apartment units, 105,968 square feet of office space, and 78,810 square feet of retail space. The commercial spaces are nearly 80% pre-leased, with tenants including Aon, Crestwood Advisors, and Janney Montgomery Scott.
The financing from Barings has a five-year term, while 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 on the financing.
“The Corbin District utilized C-PACE funding to lower the overall cost of capital by efficiently financing the project’s sustainable infrastructure,” said Christopher Hoeffel, President of CounterpointeSRE. “This transaction is the largest C-PACE assessment ever closed in Connecticut, leveraging a recent state law amendment to expand the program.”
This financing expands Barings’ $28.4+ billion real estate debt platform, which leverages broad direct origination capabilities and deep credit expertise to invest in loans secured by institutional-quality commercial real estate in strategic locations across North America and Europe.
