Multifamily Development Financing

Green multifamily construction loan product

Nuveen Green Capital is pleased to offer a combined loan product for qualified developers of energy efficient multifamily developments.

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.

Our Advantage

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Reduces dilution from third-party equity or dependence on high-priced mezzanine debt

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Sized for construction takeout with agency and HUD/FHA permanent financing

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Streamlined underwriting for C-PACE and construction loan closing process

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Rapid, turnkey execution with 30-60 day close after signing

Multifamily Construction Debt Offering

Loan Amount

$10MM – $500MM+

Lending Footprint

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

Property Type

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.

Origination Fee

1%

Term

Senior: 24-36 months
C-PACE: Fully amortized over 20 to 30 years

Interest Only

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

Prepayment

Tailored prepayment fees that step down over time

Recourse

C-PACE: Non-recourse upon completion with standard carve-out provisions

Disbursement Schedule

Budget review; milestone-based disbursement schedule, which is generally pro rata between the C-PACE and the Senior

Fully Transferable

C-PACE may be paid off at sale/refinancing or may be transferred with title with no cost or assumption requirements

General Contractor

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 $1.3T asset manager. Nuveen Green Capital is pleased to offer a combined loan product for qualified developers of energy efficient multifamily developments.

MULTIFAMILY CASE STUDIES

835 W. Goodale Street

HOHM Highlandtown Apartments

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.

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