Nuveen Green Capital closes first new construction C-PACE project in Washington state
Darien, CT (April 4, 2022) – Nuveen Green Capital, a leader in sustainable commercial real estate financing solutions, announced today that it has closed on a $4.1M multifamily new development project in Seattle, WA. This marks the state’s first use of Commercial Property Assessed Clean Energy (C-PACE) financing for a new construction project. The 53rd St Apartments project is a 7-story, 55-unit, multifamily development located in the Ballard neighborhood, approximately 5 miles north-west of the Seattle Central Business District. Upon completion, the property will consist of 23 small efficiency dwelling units, 23 efficiency dwelling units, and 9 studio lofts.
The C-PACE program – known as “C-PACER” in King County, Washington to include resiliency – provides commercial property owners and developers access to low-cost, long-term, fixed-rate financing for energy efficiency, water conservation, renewable energy, and resiliency commercial real estate projects. The 53rd St Apartments project will receive nearly $4.1M in C-PACER financing for several energy efficient measures including lighting, plumbing, HVAC and building envelope.
“We are very excited to see the C-PACE program get off the ground in WA, and we look forward to many more projects in the state as owners and developers become more familiar with all the benefits C-PACER offers to their bottom line, their local communities, and to the environment,” said Jessica Bailey, President and CEO of Nuveen Green Capital.
“It was great to have a knowledgeable partner in Nuveen Green Capital who has navigated the process in other states and could coordinate communication between the architect, engineers and general contractor to document the incremental energy efficiencies. The higher loan to cost structure using C-PACER on top of a conventional construction loan reduced the equity required for the project, freeing up capital to build the next project,” said Preston Walls, Founder and CEO of Walls Property Management. “I look forward to seeing how C-PACER financing can contribute to energy efficiencies in design and construction, and to see the reduction in energy costs for occupants.”
“The C-PACER program is a way to tackle climate change head-on, and is an innovative and creative approach that helps reduce GHG emissions and incentivizes communities to make change. That’s why I am delighted that this new project will be taking place in Ballard, helping District Four to become more energy efficient and increase the use of clean energy sources,” said Jeanne Kohl-Welles, King County Councilmember. “Cheers to being the first C-PACER project, and definitely not the last in our region!”
About Nuveen Green Capital
Nuveen Green Capital is a national leader in sustainable commercial real estate financing solutions and an affiliate of Nuveen, the investment manager of TIAA responsible for $1.2 trillion in assets under management as of September 30, 2021. Established in 2015 by the C-PACE industry’s founders and standard-setters, Nuveen Green Capital is a private capital provider dedicated to making sustainability a smart financial decision for commercial real estate owners who seek to improve the energy, water and resiliency performance of their property. For more information, visit www.nuveen.com/greencapital.
About Walls Property Management
For over 40 years, Walls Property Management has owned and maintained multi-family buildings within the city of Seattle. The Walls Family began their real estate investment journey in the 1960s with Wesley Walls.
Mr. Preston Walls is the current CEO, and has held leadership positions at both Walls Property Group and Walls Property Management, for several years. He is currently managing a portfolio of 75 buildings, valued over $300 MM. He has also served as the project manager for dozens of building renovations.