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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C-PACE Recapitalization
Proceeds may be used to
Fund construction cost overruns
Replenish operating reserves
Cover Financing Payments
(Existing + C-PACE)
Through Stabilization
(2-3 years)
(Existing + C-PACE)
Through Stabilization
(2-3 years)
Pay Down or Restructure Existing Financing
Program highlights
Value for sponsor:
- Net proceeds up to 35% of property value
- 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 financing 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
Representative impact
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?
With over $4 billion in C-PACE capital originated, 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 founded by C-PACE industry pioneers, who helped design the nation’s first successful statewide C-PACE program2, has grown to offer a market-leading suite of accretive financing solutions for commercial real estate owners who seek to improve the energy, water, and resiliency performance of their commercial property. Nuveen Green Capital is a private capital provider dedicated to making sustainability a smart financial decision for commercial property owners and developers.
Our advantage
- Hundreds of projects closed in over 30 states
- Over $4B in C-PACE financing deployed
- Minimum deal size is $5 million 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
20 matching results >>
Hospitality
InterContinental Hotel
$20.3 million hospitality recapitalization
Office
Depot & Atlas
$32.4 million office recapitalization
Multifamily
Cityscape Star Apartments
$9 million multifamily recapitalization
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1Total assets under management (AUM) as of 1/1/2025
2The United States Department of Energy: 2016 C-PACE Report, lists the Connecticut C-PACE program as the first statewide C-PACE program in the U.S.
