Nuveen Green Capital Closes the First New Construction Project Financed Through C-PACER In Alaska

NGC provided $14 million in C-PACER financing for new Courtyard by Marriott Midtown in Anchorage

Nuveen Green Capital (NGC), a leader in sustainable commercial real estate financing solutions, announced today that it has closed on $14 million in C-PACER financing for a planned Courtyard by Marriott in the Midtown neighborhood of Anchorage, in partnership with Northrim Bank, and the Municipality of Anchorage. This closing marks the first new construction project financed by C-PACER in the state.

The 141-key Courtyard by Marriott Midtown hotel, located at 4960 A Street, will feature a bistro, fitness center, lobby workstation, guest pantry, as well as 1,141k square feet of meeting space. The addition of this hotel will provide the city with needed accommodations, as well as aid in job creation – benefitting the local economy.

C-PACER, which is administered by the Municipality of Anchorage, stands for Commercial Property Assessed Clean Energy and Resilience, and provides flexible financing solutions for new, ongoing, or recently completed commercial real estate projects. Available in 40 states and Washington D.C., C-PACE(R) has grown in popularity in the commercial real estate market as an attractive financing mechanism, particularly in a liquidity-constrained lending environment.

NGC partnered with Northrim Bank on the project’s $39 million financing package to facilitate the use of the C-PACER program. C-PACER financing will be utilized to fund the hotel’s energy efficiency, water conservation, and seismic resilience measures, which are crucial, due to the frequency of earthquakes in Alaska – known to be the most seismically active state in the U.S. The hotel’s C-PACER-funded energy efficiency measures will enable it to operate with a reduced carbon footprint and lower operating costs.

“We are proud to partner with Northrim Bank to provide an accretive financing package for the first new construction C-PACER project in the state. C-PACE is gaining momentum across the U.S. as a cost-effective financing solution for commercial projects pre-, mid-, or post-construction, and we are seeing that momentum build in Alaska – it’s exciting to see the positive impact C-PACER is having on the Alaskan commercial real estate industry,” said Aidan McLaughlin, West Coast Director of Originations at Nuveen Green Capital.

Ric Marko, Leader of Affinity Hospitality, said “We are pleased to develop another hotel for the outstanding Anchorage market, which will feature Courtyard by Marriott’s distinctive approach to hospitality - providing guests with top tier service in a modern and inviting setting. By working with Northrim Bank as the senior lender, who helped facilitate C-PACER, in partnership with the skilled NGC team, we were able to deploy cost-effective capital to fund the hotel’s energy efficiency measures – resulting in significant long-term energy and cost savings.”

The Anchorage C-PACER program is administered by the Municipality of Anchorage. Director Melanie Lucas-Conwell said, “It’s fantastic to see new construction projects thinking about lowering their operating costs and considering innovative financing mechanism like C-PACER. The program allows for many types of improvements that allow commercial properties to exceed current building codes at lower capital costs, and we’re excited to partner with the property owners, Northrim Bank and NGC to make these possible for the Courtyard by Marriott Midtown Anchorage.”

"New construction is good for our city," Mayor Suzanne LaFrance said. "Building in a thoughtful way that lowers costs and energy use while improving property value is even better. This is a clear win-win."

This notable deal, expected to be complete in the spring of 2026, is part of a larger trend in C-PACE financing that is impacting the West Coast, as well as the commercial real estate industry overall, as an increasing number of owners and developers are leveraging C-PACE as a cost-efficient and flexible financing tool. NGC has closed over $450 million in total C-PACE financing for projects across its west coast territory over the past 12 months, and over $1 billion nationally.

About Affinity Hospitality

Affinity Hospitality a hotel development, consulting and asset management firm providing a full range of acquisition and disposition expertise for its investors, as well as customized strategies proven to enhance hotel value and optimize investor returns by utilizing a unique blend of experience, resources, and relationships. Drawing on decades of experience designing, developing, constructing and operating hotels, Affinity’s objective is to consistently provide the highest possible stakeholder returns by implementing productive, sustainable business strategies.

About Northrim Bank

Northrim Bank is an Alaska-based community bank with 20 branches in Anchorage, Eagle River, Fairbanks, Homer, Juneau, Ketchikan, Kodiak, Nome, Sitka, Soldotna, and Wasilla, serving approximately 90% of Alaska’s population; and an asset based lending division in Washington; and a wholly-owned mortgage brokerage company, Residential Mortgage Holding Company, LLC. The Bank differentiates itself with its detailed knowledge of Alaska’s economy and its signature “Superior Customer First Service” philosophy. Pacific Wealth Advisors, LLC is an affiliated company. For more information, visit www.northrim.com.

About Anchorage C-PACER

The Municipality of Anchorage launched the first C-PACER (Commercial Property Assessed Clean Energy & Resilience) in Alaska in April 2021 and relaunched in 2023 after State Statutes were amended to expand the program’s eligibility scope. C-PACER allows commercial and industrial property owners to implement clean energy & resilience measures to their property and pay back the loan through a voluntary special assessment. For more information, visit www.cpacer.muni.org or contact CPACER@anchorageak.gov.