Current economic headwinds have caused an unprecedented level of commercial real estate market disruption. Ongoing or recently-completed construction projects can access attractive, fixed-rate capital to recapitalize projects and bridge them to stabilization.
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CRE financing solutions for a challenging economic climate
Proceeds may be used to
Value for sponsor:
- Net proceeds up to 35% of property value
- Fixed interest rate ~7%; I/O through stabilization + 20-30 years amortization
- Non-recourse except for completion guaranty; no financial covenants post completion
- Financing secured via a non-accelerating property tax (C-PACE) assessment
- Prepayable at any time, subject to declining fee
Value for lender:
- Recapitalize construction projects to reach stabilization
- Reduce loan exposure and cost of holding risk reserves
- Increase deposits by holding reserves in escrow
- Increase project proceeds and decrease weighted cost of capital
- Retain full control in default or workout
A $90MM senior living facility faced 2-year construction, licensing, and stabilization delays caused by cascading Covid-19 pandemic and rising interest rate challenges. C-PACE provided $30MM to (a) bridge the property to stabilization (~$4.5MM) and (b) reduce the senior lender’s loan by $28MM.
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 manager1 and wholly owned subsidiary of TIAA. The company, which was established by the C-PACE industry’s founders and standard-setters, has grown to offer a market-leading suite of accretive financing products.
- Hundreds of projects closed in over 30 states
- Over $1.5B in C-PACE financing deployed
- Minimum deal size is $2MM with no maximum deal size
- All underwriting, legal, and asset management functions are in-house
- Direct, institutionally-backed capital provider
- Dedicated team of experts
Recapitalization case studies
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1As of 31 Dec 2022. Nuveen assets under management (AUM) is inclusive of underlying investment specialists. Totals may not equal 100% due to rounding.