C-PACE Bridge

Fixed-rate capital bridging projects to completion

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 manager — 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, including:


Pre or Mid-Construction

  • Cost overruns

  • Replenish reserves



Refinance/ Pay-Downs


Project delays


Pre-stabilized, Lease up


Equity Buy-Out


Re-traded Loan Terms




Supply chain disruptions

Value for Sponsor

• Net proceeds up to 35% of property value

• Fixed interest rate ~7% 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

Our Process

Nuveen Green Capital has funded over $1B of 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. Nuveen Green Capital’s reputation in the industry is
second-to-none. Our process is fast and simple – we can fund bridge financings in as little as 30
days from term sheet execution.

Loan Parameters

Property Type

Office, industrial, multifamily, retail, hospitality, and non-profit

Loan Size

$2MM – $500MM

Interest Rate

10-Year Treasury + 260-300bps




20-30 year; shorter loan terms available


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


1.25x DSCR (1.1x allowed on multifamily assets in major metro areas)


Tailored prepayment fees that step down over time


Non-recourse upon completion

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 manager 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 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.