JLL Capital Markets arranges $26M construction financing for Heritage Point in Buffalo, N.Y.

BUFFALO, N.Y., April 2, 2026 – JLL Capital Markets announced today that it has arranged approximately $26 million in construction financing for Heritage Point, a mixed-use multifamily development located at 120 Main St. in Buffalo, New York.

Working on behalf of the borrower, Sinatra & Company, JLL structured a layered capital stack that includes a $14.8 million senior construction loan from national lender X-Caliber and $11.2 million of Commercial Property Assessed Clean Energy (“C-PACE”) financing from its affiliate, CastleGreen Finance. The financing demonstrates the increasing role of effective alternative capital solutions like C-PACE in today’s construction lending environment.

Heritage Point will feature two six-story properties with 61 residential units and approximately 30,000 square feet of commercial space, located in Buffalo’s rapidly evolving Canalside district. The project is expected to be delivered in Q3 2027 and will offer high-end residential units with waterfront views, modern amenities and curated retail designed to activate the surrounding neighborhood.

The development will also incorporate sustainability-focused design elements and is pursuing LEED certification, aligning with the broader environmental benefits associated with C-PACE financing.

The JLL Capital Markets team was led by Managing Director Jillian Mariutti, who noted that the company evaluated a range of capital providers and structures to optimize proceeds and execution.

A key component of the transaction was the integration of C-PACE financing, which provided long-term, fixed-rate capital that enhanced overall proceeds and reduced the project’s blended cost of capital. The 25-year, non-recourse C-PACE tranche complements the shorter-term floating-rate senior loan, creating a more efficient and resilient financing structure in a higher interest rate environment.

“This transaction highlights how C-PACE financing can be a critical tool in today’s capital markets environment,” said Mariutti. “By incorporating long-term, fixed-rate capital into the stack, we were able to enhance proceeds, improve execution certainty and deliver a more efficient overall cost of capital for the borrower.”

Heritage Point sits within one of Buffalo’s most active redevelopment corridors, benefiting from more than $1.5 billion in public and private investment and significant economic momentum that is transforming the city into a hub for clean energy and life sciences industries. Home to the world’s most advanced academic supercomputer housed at the State University of New York at Buffalo, the city is also attracting tech employers focused on everything from smart roofs to robotics.

Nick Sinatra, Founder & CEO of Sinatra & Company, said, “JLL was diligent in its efforts to secure the best possible deal for us, and we look forward to the completion of Heritage Point. It will meet growing demand for Class A housing as Buffalo continues to benefit from strong job growth, in-migration and the momentum of its downtown revitalization.”

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