Nuveen Green Capital Closes First C-PACE Deal in Llano County Financing $38.6 Million for Luxury Senior Living Development

NGC's Milestone Transaction Pairs Innovative EB-5 and C-PACE Capital Structure to Unlock 180-Unit Resort-Style Senior Living Community Within Silver Rock Master-Planned Community

New York, NY (May 4, 2026)— Nuveen Green Capital (NGC), a leading provider of Commercial Property Assessed Clean Energy (C-PACE) financing, and Texas PACE Authority (TPA), the nonprofit administrator for more than 100 TX-PACE programs across Texas, announced today the closing of a $38.6 million C-PACE financing for the ground-up development of The Statesman at Horseshoe Bay, a luxury senior living community situated within the Silver Rock master-planned community in Horseshoe Bay, Texas. The transaction marks the first C-PACE transaction ever closed in Llano County, a milestone that NGC helped facilitate with the county's opt-in to the statewide C-PACE program.

The borrower, Falcon Senior Housing LLC, will use the proceeds to fund construction of the 313,714-square-foot facility, which will deliver 180 units of independent living, assisted living, and memory care accommodations approximately 50 miles west of Austin.

A First-of-Its-Kind Transaction in Llano County

This financing represents the growing accessibility of C-PACE as a financing tool in markets that have not previously tapped the program. By leveraging Falcon's existing relationship with Llano County officials, NGC and TPA were able to guide the county through its formal opt-in to Texas's C-PACE enabling legislation, paving the way for this transaction and future deals in the region.

Llano County Commissioner Peter Jones stated, “This project is an important milestone for Llano County as the first TX-PACE transaction and the sponsoring project that helped bring the program here. TX-PACE provides a flexible financing tool that supports both new construction and the renovation of existing buildings, giving our communities more options to invest in high-quality, efficient development.”

An Innovative EB-5 and C-PACE Capital Structure

At the heart of this transaction is a financing structure that represents a notable evolution in how large-scale, sustainable developments can be capitalized. The deal pairs EB-5 immigration investment funds as the senior lender with NGC's C-PACE assessment rounding out the capital stack — a combination that optimizes the weighted average cost of capital while simultaneously advancing job creation objectives central to the EB-5 program.

C-PACE filled the gap between the senior EB-5 debt and the Sponsor's equity, lowering overall financing costs while providing long-term, non-recourse capital, a structure ideally suited to large-scale, long-horizon developments like senior living communities.

The pairing with EB-5 capital creates meaningful structural advantages beyond cost efficiency. Because C-PACE is secured as a senior tax assessment on the property, the EB-5 loan can be positioned with enhanced security relative to traditional debt, an important consideration for EB-5 investors focused on capital preservation. At the same time, the two financing sources create a natural job creation synergy: C-PACE proceeds fund energy-efficient construction improvements, while EB-5 capital drives broader construction activity, together helping to satisfy the employment requirements that underpin the EB-5 program.

John E. Hyjer, CEO, Falcon Senior Housing, LLC said, "Our goal with our Horseshoe Bay Seniors project is to deliver a high-quality development that meets the evolving needs of this community. Nuveen Green Capital and Texas PACE Authority allowed us to go further on sustainability by financing improvements that reduce energy and water use, while preserving equity and strengthening the overall capital stack. C-PACE is a tool that helped us deliver a better project on multiple levels, ultimately improving both project feasibility and long-term asset performance.”

Empowering Sponsors to Preserve Equity and Execute at Scale

For Falcon, the C-PACE financing provided a critical piece of the capital structure, enabling the Sponsor to fully capitalize the development, reduce its cost of capital, and preserve equity for long-term value creation.

"This transaction is a perfect example of what becomes possible when deep structuring expertise meets the right capital partners and a Sponsor willing to think creatively," said Chris Ellis, Senior Director of Originations at Nuveen Green Capital. "Pairing EB-5 and C-PACE in a single capital stack is still a relatively specialized strategy in the market, and executing it while simultaneously facilitating Llano County's opt-in to the Texas C-PACE program speaks to NGC's ability to navigate complexity at every level. We are not simply deploying capital, we are actively expanding access to C-PACE in communities where it has never been used before, structuring around the unique needs of each project, and helping Sponsors like Falcon unlock financing that meaningfully lowers their cost of capital and protects their equity."

“This project demonstrates exactly why TX-PACE is such a valuable economic development tool for Texas communities. By helping bring long-term, low-cost capital to projects like The Statesman at Horseshoe Bay, we are able to support high-quality new development while advancing energy efficiency, sustainability, and stronger community infrastructure. We are proud to have partnered with Llano County, Nuveen Green Capital, and the ownership team to help make this project possible,” said Dub Taylor, CEO of Texas PACE Authority.

About Texas PACE Authority (TPA)

Texas PACE Authority (TPA) is the nonprofit administrator for more than 100 local TX-PACE programs across Texas. TPA helps commercial, industrial, and multifamily property owners access long-term, fixed-rate financing for energy, water, and resiliency upgrades that reduce costs, improve building performance, and strengthen communities. Working alongside cities, counties, lenders, and contractors, TPA has facilitated more than $700 million dollars in new private investment statewide.