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Buildings and Trees

Fixed-rate capital bridging projects to completion

C-PACE bridge

Learn more

Volatility in capital markets has caused significant disruption in the commercial real estate market.

Nuveen Green Capital — the C-PACE financing division of Nuveen, the $1T+ asset manager1 — specializes in reliable and flexible bridge financing options.

Commercial Property Assessed Clean Energy (C-PACE) makes it possible for commercial property owners to obtain fixed-rate, low-cost, long term financing for a wide range of commercial and multifamily real estate projects.

Types of projects include:
  • Pre or Mid-Construction
    • Cost overruns
    • Replenish reserves
  • Refinance/ Pay-Downs
  • Project delays
  • Pre-stabilized, Lease up
  • Equity Buy-Out
  • Re-traded Loan Terms
  • Recapitalizations
  • Supply chain disruptions

Program highlights

Value for sponsor:

  • Net proceeds up to 35% of property value
  • Fixed interest rate with a long amortization (20-30 years from first payment date)
  • Delayed first repayment — up to 24 months post-closing
  • Non-recourse except for development projects which require a completion guarantee
  • Financing secured via a non-accelerating property tax assessment (C-PACE assessment)
  • Prepayable at any time subject to sliding scale prepayment fee
  • No financial covenants after completion

Value for lender:

  • Enhanced economics through blended pricing accretive to property level cash flows
  • Fixed rate provides certainty for refinancing
  • Long term provides optionality for refinancing
  • De-risking construction period
  • Control in a default
    • No workouts
    • Non-acceleration
    • No restriction on foreclosure rights
  • Ample cure periods
  • Escrow of C-PACE assessment proceeds

Loan parameters

  • Property type
    Office, industrial, multifamily, retail, hospitality, and non-profit
  • Loan size
    $2MM – $500MM
  • Interest rate
    10-Year Treasury + 260-300bps
  • Fees
    1-2%
  • Term
    20-30 year; shorter loan terms available
  • Amortization
    Full term, 1-3 years of I/O, and sculpted amortization structures available; Actual/360
  • Loan to value/ loan to cost
    Maximum C-PACE + Mortgages LTC of 90% for new construction/rehab developments
    Maximum C-PACE + Mortgages LTV of 95% for retrofit projects based on the as-stabilized or as-complete property value
    Total debt to cost ratios are subject to appropriate DSCR ratios and senior lender approval
  • Coverage
    1.25x DSCR (1.1x allowed on multifamily assets in major metro areas)
  • Prepay
    Tailored prepayment fees that step down over time
  • Recourse
    Non-recourse upon completion

Our process

Nuveen Green Capital has funded over $1B1 into hundreds of C-PACE assessments across the country. We fully manage our deals from beginning to funding to servicing – providing execution certainty and exceptional service.

Why use 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 manager2 and wholly owned subsidiary of TIAA. The company, which was established by the architects of the nation's first successful C-PACE program*, has grown to offer a market-leading suite of accretive financing products for commercial real estate owners who seek to improve the energy, water and resiliency performance of their property. Nuveen Green Capital is a private capital provider dedicated to making sustainability a smart financial decision for the commercial real estate market and community.
Contact us
Darien, CT
19 Old Kings Highway South, Suite 210, Darien, CT 06820
1As of 1st Dec 2023.
2As of 31 Dec 2022. Nuveen assets under management (AUM) is inclusive of underlying investment specialists.
*The United States Department of Energy: 2016 C-PACE Report, lists the Connecticut C-PACE program as the first statewide program in the U.S.
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