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Blog

Nuveen Green Capital Closes First Transaction Under the Virginia Statewide C-PACE Program

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Nuveen Green Capital – a leader in sustainable commercial real estate financing solutions announced today that it has closed the first-ever C-PACE financed transaction under Virginia’s new statewide C-PACE program, in partnership with Virginia PACE Authority and Prince William County. The project, the English Meadows Manassas campus, is a newly constructed senior housing assisted living & memory care facility located in the Manassas area of Prince William County.

Commercial Property Assessed Clean Energy (C-PACE) financing provides commercial property owners and developers access to low-cost, long-term, fixed-rate capital for energy efficiency, resiliency, water conservation, and renewable energy improvements. The Virginia C-PACE program, in place since 2022, was designed to facilitate the financing of energy efficiency, renewable energy and resiliency measures to promote clean energy and economic development projects in the Commonwealth of Virginia.

Working with the Virginia PACE Authority and Prince William County, Nuveen Green Capital provided Aksoylu Properties with $8.7 million in C-PACE financing for the $34.7 million English Meadows development. C-PACE capital was used to fund lighting, building envelope, HVAC, plumbing, and roofing upgrades for the newly developed, 88-unit, 105-bed facility.

The energy efficiency improvements included HVAC, lighting, and plumbing are projected to result in an estimated annual cost savings of $102,000, energy savings of 2.4 million kBTUs and avoided CO2 of approximately 212 metric tons. The kBTUs of energy saved is equivalent to powering 93.5 homes. This project also has CO2emissions savings, which is equal to removing 44 gasoline-powered passenger vehicles from the road for a year. By utilizing C-PACE to recapitalize the property’s existing construction debt, the property was able to open its doors and will provide future residents invaluable 24-hours a day assistance and supportive care services.

English Meadows, which is part of the 27-acre, mixed-use Evergreen Village Development, is focused on providing a family-like environment for seniors and offers 64 assisting living units and 24 memory care units, with a mix of studio, one-bedroom, and two-bedroom floorplans. The property’s amenities include on-site meal services, a sports bar with billiards, a theater, as well as outdoor gathering spaces.

“It was a pleasure to work with Aksoylu Properties to recapitalize their English Meadows project. We appreciate their trust in our expertise as a leading institutional C-PACE lender and are thrilled we were able to close the first transaction under the Virginia Statewide C-PACE program,” said Michael Billingsley, Senior Director, Originations at Nuveen Green Capital. “This transaction could not have been accomplished without our strong partnership with the Virginia PACE Authority. At Nuveen Green Capital, we believe the Virginia C-PACE program can enhance the sustainability of the built environment throughout the Commonwealth, while also significantly lowering the cost of capital to develop, rehabilitate, and recapitalize commercial real estate projects.

“Nuveen Green Capital was an excellent financing partner and was steadfast in delivering on their execution. They were instrumental in successfully guiding us through the new Statewide Virginia C-PACE program, and we are excited to be recognized as the first project closed under the program. The Statewide Virginia C-PACE program offers tremendous value to the real estate development community, and we appreciate Nuveen Green Capital’s investment in our project and the Virginia PACE Authority’s Administration of the program,” said Ahmet Aksoylu, Owner, Aksoylu Properties.

“The first statewide C-PACE program administered deal in Virginia is a victory for the VA C-PACE Program. The benefits from the energy efficiency improvements for this project are exactly why the Program was created and we are very pleased that Prince William County has been supportive of including C-PACE as an economic development incentive for their constituents.” said Abby Johnson, Executive Director of the Virginia PACE Authority.

“Energy efficiency plays an important role in keeping Virginia's energy reliable and affordable. C-PACE provides the path for business owners to fund those crucial upgrades,” said Virginia Energy State Energy Office Director Vince Maiden. “By creating 130 jobs, the economic gains are as important as the megawatts saved in Prince William County.”

“The Board of Supervisors adopted the county’s C-PACE Financing Program Ordinance in February 2023,” said Board of County Supervisors Chair At-Large Deshundra Jefferson. “And we are thrilled that a business in our community was the first to be able to take advantage of this innovative financing tool to make energy efficient improvements that serve the property and the community. This aligns with our strategic plan goal of establishing the county as a leader in promoting sustainable growth that ensures the social, economic and environmental health of the county.”

By passing ordinances for C-PACE, jurisdictions can use the VA C-PACE Program as an economic development tool for both new construction and rehabilitation of existing buildings.

About Nuveen Green Capital

Nuveen Green Capital is a national leader in sustainable commercial real estate financing solutions and an affiliate of Nuveen, the $1T+ asset manager and wholly owned subsidiary of TIAA. 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

Aksoylu Properties is a fully integrated, private commercial real estate development, management, and consulting firm, founded by Ahmet Aksoylu, and based in Northern Virginia. Since its inception, the firm has acquired, developed, managed, and leased office, retail, industrial, residential, and mixed-use properties throughout the greater Washington metropolitan region.

Virginia PACE an innovator in the PACE marketplace, advising localities on establishing and developing C-PACE programs, opening up new markets for institutional investors, and educating contractors, financial institutions, and property owners on the business case for C-PACE. To learn more about C-PACE, and find program guidance, forms and the application process, visit: https://virginiapace.com/.

Virginia Energy leads the Commonwealth to a reliable and responsible energy future. The agency is home to the State Energy Office which supports informed decision making by providing data, information and analyses to stakeholders that are responsible for the development and maintenance of the Commonwealth’s energy system. To learn more about Virginia Energy visit: https://energy.virginia.gov

Prince William County is the second-largest county in the Commonwealth of Virginia with a population of nearly 489,000. A highly-educated, racially and ethnically diverse population makes the county one of the most globally represented communities in the region. AAA Bond Ratings, awarded annually from all three ratings agencies, confirms a commitment to a thriving and robust economy. Prince William County encompasses a total area of 348 square miles and includes independent cities and towns, state and federal park properties, and Quantico Marine Corps Base. Steeped in rich history, surrounded by beautiful parks and open space, Prince William County is a community of choice where individuals, families and businesses choose to live, work and play. For more information, visit https://www.pwcva.gov/

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