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
PROGRAM HIGHLIGHTS:
Net proceeds up to 20% 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
SAMPLE IMPACT:
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
Retroactive Limits:
CA: 3 years |
MO: Case-by-case |
CT: 1 year |
NE: Case-by-case |
| CO: 2 years |
NY: Case-by-case |
DC: Case-by-case |
OH: No limit |
| DE: Back to 2018 |
OK: 2 years |
FL: 3 years |
OR: 1 year |
IL: 3 years |
PA: 2 years |
KY: No limit |
RI: Back to July of 2015 |
MA: 2 years |
UT: 3 years |
MD: Case-by-case
|
VA: 2 years |
MI: 3 years
|
WI: 30 months |
MN: 1 year |
|
C-PACE ELIGIBILITY:
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 lead the first successful C-PACE program and have brought their expertise and know-how to Nuveen Green Capital. We offer a transparent, rapid approval process and a dedicated team ready to assists with all aspects of a C-PACE financed project who can handle all the heavy lifting.
RECAPITALIZATION CASE STUDIES
