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Green Capital

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Global Cities REIT (GCREIT)
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Private Capital Income Fund (PCAP)

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Fixed-rate capital bridging projects to completion

C-PACE bridge

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Volatility in capital markets has caused significant disruption in the commercial real estate market.

Nuveen Green Capital — the C-PACE financing division of Nuveen, the $1T+ asset manager¹ — specializes in reliable and flexible bridge financing options.

Commercial Property Assessed Clean Energy (C-PACE) makes it possible for commercial property owners to obtain fixed-rate, low-cost, long term financing for a wide range of commercial and multifamily real estate projects.

Types of projects include:

Pre or Mid-Construction
- Cost overruns
- Replenish reserves
Refinance/ Pay-Downs
Project delays
Pre-stabilized, Lease up
Equity Buy-Out
Re-traded Loan Terms
Recapitalizations
Supply chain disruptions

Program highlights

Value for sponsor:

Net proceeds up to 35% of property value
Fixed interest rate with a long amortization (20-30 years from first payment date)
Delayed first repayment — up to 24 months post-closing
Non-recourse except for development projects which require a completion guarantee
Financing secured via a non-accelerating property tax assessment (C-PACE assessment)
Prepayable at any time subject to sliding scale prepayment fee
No financial covenants after completion

Value for lender:

Enhanced economics through blended pricing accretive to property level cash flows
Fixed rate provides certainty for refinancing
Long term provides optionality for refinancing
De-risking construction period
Control in a default
- No workouts
- Non-acceleration
- No restriction on foreclosure rights
Ample cure periods
Escrow of C-PACE assessment proceeds

Loan parameters

Property type
Office, industrial, multifamily, retail, hospitality, and non-profit
Loan size
$2MM – $500MM
Interest rate
10-Year Treasury + 260-300bps
Fees
1-2%
Term
20-30 year; shorter loan terms available
Amortization
Full term, 1-3 years of I/O, and sculpted amortization structures available; Actual/360
Loan to value/ loan to cost
Maximum C-PACE + Mortgages LTC of 90% for new construction/rehab developments
Maximum C-PACE + Mortgages LTV of 95% for retrofit projects based on the as-stabilized or as-complete property value
Total debt to cost ratios are subject to appropriate DSCR ratios and senior lender approval
Coverage
1.25x DSCR (1.1x allowed on multifamily assets in major metro areas)
Prepay
Tailored prepayment fees that step down over time
Recourse
Non-recourse upon completion

Our process

Nuveen Green Capital has funded over $1B¹ into hundreds of C-PACE assessments across the country. We fully manage our deals from beginning to funding to servicing – providing execution certainty and exceptional service.

Why use Nuveen Green Capital?

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Nuveen Green Capital is a national leader in sustainable commercial real estate financing solutions and an affiliate of Nuveen, the $1T+ asset manager² and wholly owned subsidiary of TIAA. The company, which was established by the architects of the nation's first successful C-PACE program^*, has grown to offer a market-leading suite of accretive financing products for commercial real estate owners who seek to improve the energy, water and resiliency performance of their property. Nuveen Green Capital is a private capital provider dedicated to making sustainability a smart financial decision for the commercial real estate market and community.

Darien, CT

203.875.9500

19 Old Kings Highway South, Suite 210, Darien, CT 06820

¹As of 1^st Dec 2023.
²As of 31 Dec 2022. Nuveen assets under management (AUM) is inclusive of underlying investment specialists.
^*The United States Department of Energy: 2016 C-PACE Report, lists the Connecticut C-PACE program as the first statewide program in the U.S.

Nuveen Green Capital is an indirect subsidiary of Nuveen LLC and Teachers Insurance and Annuity Association of America (TIAA) and a member of the TIAA group of companies.

About C-PACE

Project types

Case studies

About us