Nuveen Green Capital is pleased to offer a combined loan product for qualified developers of energy efficient multifamily developments.
Multifamily construction projects including apartments, condominiums, student housing, build-to-rent, and age-restricted housing. Mixed use assets on a case-by-case basis.
Reduces dilution from third-party equity or dependence on high-priced mezzanine debt
Sized for construction takeout with agency and HUD/FHA permanent financing
Streamlined underwriting for C-PACE and construction loan closing process
Rapid, turnkey execution with 30-60 day close after signing
Multifamily Construction Debt Offering
$10MM – $500MM+
All states with active C-PACE programs with the exception of NY.
Current states include: AK, CA, CO, CT, DE, FL, HI, IL, KY, MA, MD, ME, MI, MN, MO, MT, NE, NJ, NV, NY, OH, OK, OR, PA, RI, TN TX, UT, VA, WA, WI & DC
Multifamily construction projects including apartments, condominiums, student housing, age-restricted housing, and mixed use assets on a case-by-case basis
C-PACE Eligible Upgrades
Hard, soft, and associated costs connected to mechanical, electrical, plumbing, building envelope improvements and renewable energy sources. Examples include HVAC, LED lighting + facility controls, boilers, windows, and solar. Subject to a technical review and administrator approval.
Senior: 24-36 months
C-PACE: Fully amortized over 20 to 30 years
Senior: Interest Reserve to cover debt service
C-PACE: 3 years deferred P&I payments during construction
Loan to Cost
Up to 75% of total project cost including an interest reserve
C-PACE Loan to Value
Maximum LTV of 35% on the as-stabilized or as-complete value
Tailored prepayment fees that step down over time
C-PACE: Non-recourse upon completion with standard carve-out provisions
Budget review; milestone-based disbursement schedule, which is generally pro rata between the C-PACE and the Senior
C-PACE may be paid off at sale/refinancing or may be transferred with title with no cost or assumption requirements
Subject to review and background check and C-PACE program registration
Why Use Nuveen Green Capital?
Nuveen Green Capital is a leader in sustainable commercial real estate financing solutions and an affiliate of Nuveen, the $1T+ asset manager. Nuveen Green Capital is pleased to offer a combined loan product for qualified developers of energy efficient multifamily developments.
MULTIFAMILY CASE STUDIES