10 Transformative C-PACE Projects

As Nuveen Green Capital (NGC) celebrates its 10^th anniversary and numerous industry milestones, we look back on 10 notable projects that have made a significant impact on the firm, as well as the C-PACE and commercial real estate industries over the years.

Over the past decade, C-PACE financing has shifted from being a relatively niche financing mechanism to the mainstream of commercial real estate finance, reshaping how property owners approach commercial real estate construction projects and optimize their capital stacks. From historic buildings that are brought back to life with modern systems, to new developments that push the boundaries of sustainability, C-PACE has proven its power — not just as a financing tool, but as a force for transformation.

In this piece, we spotlight 10 standout projects that demonstrate how C-PACE has evolved and how it’s helping to redefine and revolutionize commercial real estate finance.

1) 200 Park – the second largest C-PACE financed transaction to date

Located in the heart of downtown San Jose, 200 Park stands as the city’s tallest building. The Class A, state-of-the art LEED-gold-certified office building was designed and developed by the renowned Jay Paul Company. By leveraging a record-setting $220 million in C-PACE financing to recapitalize an existing construction loan, the Sponsor was afforded the flexibility to continue to execute their business plan.

200 Park was not only the second-largest C-PACE financed deal, it helped underscore how C-PACE continues to grow in terms of deal size, and as an alternate form of construction and recapitalization funding for institutional developers and commercial real estate owners.

2) Virgin Hotel – the largest C-PACE financed deal in Nevada

Located one mile east of the Las Vegas strip, the Virgin Hotel, a Curio Collection by Hilton property, boasts over 1.5k rooms and suites and 130k square feet of indoor and outdoor meeting and convention spaces. By deploying $190 million in C-PACE financing to recapitalize recently completed improvements to the hotel, the Sponsor was able to refinance existing senior and mezzanine loans to de-lever the property. This momentous C-PACE financed project in the state of Nevada is also another example of C-PACE’s increasingly important role in financing larger scale projects.

3) ViVa Data Center – the first C-PACE financed data center

NGC provided $40 million for the first C-PACE financed data center –the ViVa Center in northwestern Houston. Formerly headquarters to Compaq Computers and Hewlett-Packard Enterprise, the 774k square-foot office/industrial building will be converted to a state-of-the-art data center, offering 12 megawatts of power. Once completed, it will cater to hyperscale users –companies that utilize large data centers of 10k square feet+ –in the cloud computing and artificial intelligence sectors.

With the booming demand for data centers, this project showcased how C-PACE can cost-effectively finance properties in this growing asset class. As data centers require a significant amount of energy, it is particularly beneficial for them to be financed through C-PACE to lower overall short- and long-term costs.

4) Bishop’s Lodge – the first C-PACE financed transaction in New Mexico

NGC provided $76.2 million in C-PACE financing to recapitalize previously completed energy efficiency measures for the luxury Auberge Resort Collection hotel, Bishop’s Lodge, in northern Santa Fe. Through the Sponsor’s strategic use of C-PACE to refinance an existing senior construction loan, they were able to transition the asset to more favorable financing terms, ensuring its continued profitability and growth.

This project was not only notable as it marked the first C-PACE financed project in New Mexico, but it also showed that C-PACE could be used creatively – and to pay down more expensive debt for construction that had previously been completed.

5) Tivoli Theatre – historic rehabilitation

NGC partnered with Reinvestment Fund, Inc. on a $73.4 million construction financing package for the gut renovation of the historic Tivoli Theatre, located in Chattanooga, TN. By leveraging C-PACE capital in conjunction with New Market Tax Credits and Historic Tax Credits, the Sponsor was able to fully capitalize the project, enabling it to move forward.

The recipient of the 2025 U.S. Department of Energy Better Buildings Financial Innovation Award, this project was NGC’s first C-PACE financed transaction in Tennessee and demonstrated how C-PACE can be deployed to reimagine historic buildings.

6) Hotel Marcel – the nation’s first net-zero hotel

NGC was proud to provide C-PACE financing for the adaptive reuse of the landmark Hotel Marcel in New Haven, Connecticut. Designed and developed by visionary architect and developer Bruce Becker, the all-electric hotel is the nation’s first net-zero hotel and Passive House-certified hotel – which was designed to use 80% less energy than a typical U.S. hotel.

This project serves as an excellent model for the hospitality and broader commercial real estate industry of what an energy efficient hotel can be and how C-PACE can support these industries’ sustainability goals.

Watch the case study video here.

7) The Exchange – innovative construction and first multifamily project in Downtown Detroit’s Greektown District in 60 years

$13 million in NGC’s C-PACE capital was utilized to finance key energy efficiency measures for The Exchange, a state-of-the-art, 16-story, mixed-use and multifamily property located in Downtown Detroit’s Greektown district. Not only did the project mark the first high-rise residential building to be built in Downtown Detroit in 60 years, but the Sponsor also invested in “top-down” construction — the first of its kind in North America – meaning the building was built starting from the top. Floor plates were constructed at ground level and lifted up around structural spines, cutting construction time by around 30%.

The resourceful Sponsor also leveraged C-PACE capital to finance key energy efficiency measures, which are estimated to save the property roughly $40 million over 25 years, while providing the city with needed housing, aiding in the creation of about 220 jobs, and transforming the city’s skyline. This project underscores how C-PACE’s flexible capital can fund innovative construction for landmark properties.

8) Hotel InterContinental – the largest C-PACE financed transaction in San Antonio

Two years after NGC provided an initial $28 million in C-PACE financing for the iconic InterContinental Riverwalk Hotel in San Antonio, TX in 2023, NGC provided an additional $20.3 million for the hotel’s energy and water efficiency upgrades. By leveraging Texas' recently updated C-PACE guidelines, which increased the LTV to 35%, the Sponsor was able to access a second round of C-PACE, bringing the total C-PACE financing for the hotel to a record $48 million – thereby realizing significant incremental savings.

9) JEM Private Residences – C-PACE leveraged for pre-development costs

NGC provided $40 million in C-PACE financing to Naftali Group to fund pre-development costs for the 65-story luxury residential tower’s podium, as well as work to the envelope, lighting, elevator systems, water efficiency and resiliency measures for the first phase of construction.

By leveraging C-PACE’s ability to finance construction at varying stages, while offering structuring flexibility, the Sponsor was able to reduce the blended cost of capital for the project and obtain liquidity during the early stages of development — demonstrating C-PACE’s flexibility and adaptability to fit Sponsors’ needs.

10) Innovation OKC – the largest C-PACE financed deal in Oklahoma

The Innovation OKC Convergence Development Project is an expansive, mixed-use, new development located in Northeast Oklahoma City which will be part of a larger, 832-acre campus called the Convergence Complex. The property will consist of 277k rentable square feet, including an office tower, research and development space, a regional bank, an innovation and tech-focused co-working environment, as well as an Oklahoma University incubation center.

The development, which marks the largest C-PACE financed transaction in the state of Oklahoma at $28.4 million, underscores C-PACE’s mainstream adoption and ability to finance increasingly larger projects in Oklahoma — where NGC holds over 75% market share — as well as nationally.

Whether financing projects pre-, mid- or post- construction, as C-PACE continues to expand, these notable projects highlight its transformative impact on the industry and increasing ubiquity as a mainstream commercial real estate financing tool. The NGC team looks forward to the next 10 years of groundbreaking projects, while continuing to revolutionize commercial real estate finance.