Qualifying Projects

Multifamily construction projects including apartments, condominiums, student housing, build-to-rent, and age-restricted housing. Mixed use assets on a case-by-case basis.

$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

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.

1%

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

Up to 75% of total project cost including an interest reserve

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

The Henry

The dedicated Nuveen Green Capital project team is ready to assist with all aspects of a C-PACE financed multifamily project.

Email aaron.kraus@nuveen.com for details.