Current economic volatility has caused an unprecedented level of commercial real estate market disruption. Ongoing or recently-completed construction or retrofitted properties can access low-cost, long-term financing with no payment for 24 months to replenish reserves, provide working capital, and reduce senior loan payments – bridging properties to stabilization.
STABLE FINANCING THROUGH ANY ECONOMIC CLIMATE
PROCEEDS MAY BE USED TO:
Fund Construction Cost Overruns
Replenish Operating Reserves
Cover Existing Lender Debt Service
Pay Down Existing Leverage
Net proceeds up to 35% of property value
Fixed interest rate ~6% with a long amortization (20-30 years from first payment date)
Delayed first repayment – typically 24 months post-closing
Non-recourse except for ongoing 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 declining payoff fee
No financial covenants after completion
Transparent, rapid approval process
Recapitalization for a $50M Student Housing Project
ELIGIBLE PROPERTIES AND SPONSORS:
- C-PACE-eligible work planned or completed at the property within market’s relevant lookback period; ground-up development projects eligible in most C-PACE markets (see map below)
- All standard commercial property types qualify: multifamily, office, industrial, retail, hospitality, senior living, etc.
- Limited to well-located properties in a top 50 MSA
- No tax delinquencies in the prior 3 years
- Sponsor background searches will be run and any past material legal issues must be disclosed by sponsor up front
- Property must have a viable path to stabilization with a >1.25x DSCR within 5 years
- Properties with monetary defaults on existing financing will be reviewed on a case-by-case basis
- Written consent must be provided from all secured lenders
|CA: 3 years||NE: Case-by-case|
|CO: 2 years||NJ: 3 years|
|CT: 1 year||NV: 3 years|
|DC: Case-by-case||NY: Case-by-case|
|DE: Back to 2018||OH: No limit|
|FL: 3 years||OK: 2 years|
|IL: 3 years||OR: 2 years|
|KY: No limit||PA: 2 years|
|MA: 2 years||RI: Back to July of 2015|
|MD: Case-by-case||TN: 2 years|
|ME: less than 1 year from application submission||TX: 3 years|
|MI: 3 years
||UT: 3 years|
|MN: 1 year||VA: 2 years|
|MO: Case-by-case||WA: 3 years|
|MT: 3 years||WI: 30 months|
Nuveen Green Capital’s recapitalization funds are limited by C-PACE (Commercial Property Assessed Clean Energy) eligibility
- Properties must have ongoing or recently completed C-PACE-eligible construction. Typically, all energy and water-related construction (ex. window, HVAC replacement, etc.) and associated soft costs or green new construction qualify.
- If C-PACE eligible construction is already completed, it must be located within a C-PACE program that allows for retroactive financing.
Why Use Nuveen Green Capital?
Nuveen Green Capital is the leading provider of C-PACE financing in the country. Our founders launched and led the first successful C-PACE program and have brought their expertise to Nuveen Green Capital. Our dedicated team offers a transparent, rapid approval process. We are ready to assist you with all aspects of a C-PACE financed project.
Let’s get started today!