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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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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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