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Recapitalization 8

CRE financing solutions for a challenging economic climate

C-PACE Recapitalization

Learn more

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.

Proceeds may be used to

Fund construction cost overruns
Replenish operating reserves
Cover Debt Payments
(Existing + C-PACE)
Through Stabilization
(2-3 years)
Pay Down or Restructure Existing Debt

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 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

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.

4 financial tables

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.

Our advantage
  • 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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Project Type

Contact us
Darien, CT
19 Old Kings Highway South, Suite 210, Darien, CT 06820
1As of 30 Sep 2023. Nuveen assets under management (AUM) is inclusive of underlying investment specialists. Totals may not equal 100% due to rounding.
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