Nuveen Green Capital Partners with Lone Star PACE
Nuveen Green Capital has formed a key partnership with Lone Star PACE to execute a substantial $9 million in C-PACE financing targeted at enhancing a luxury multifamily community. This funding aims to recapitalize the Cityscape Star Apartments, expanding its role within the sustainable commercial real estate sector.
Cityscape Star Apartments: A Model of Sustainability
Cityscape Star Apartments stands as an impressive 120,000-square-foot multifamily community. With a total of 116 units, the recently constructed building utilizes cutting-edge sustainable design elements, including high-efficiency windows and HVAC systems. The financing provided will significantly aid in refinancing these components, further reducing the energy footprint of this modern structure.
Leadership Insights on C-PACE Financing
Sean Ribble, Senior Director of Originations at Nuveen Green Capital, expressed enthusiasm regarding the collaboration with both Slatt Capital and Citizens 1st Bank. He noted that utilizing C-PACE financing for Cityscape Star Apartments has empowered the project's sponsors to generate considerable savings. This financing method exemplifies how post-construction funding can facilitate strategic investments in sustainability.
The Advantages of C-PACE Financing
C-PACE financing opens doors for property owners to access affordable, long-term capital specifically for sustainable improvements like energy and water conservation systems. An attractive feature of this financing is its flexibility, allowing property owners to leverage this resource before, during, or even after construction.
Enhancing the Living Experience at Cityscape Star
Cityscape Star Apartments are designed with luxury in mind, offering residents panoramic skyline views and high-end amenities such as a rooftop lounge, pet services, and a state-of-the-art fitness center. The C-PACE-funded enhancements are projected to save the property approximately 47% in annual electricity costs and around 22% in water consumption. Over 30 years, these improvements could lead to cumulative savings of over $4.3 million.
About Nuveen Green Capital
Nuveen Green Capital is at the forefront of the sustainable commercial real estate financing landscape, having originated over $3.5 billion in funding. The company works as an affiliate of Nuveen, a significant player with more than $1 trillion in assets under management. Established by pioneers in the C-PACE industry, Nuveen Green Capital specializes in delivering a comprehensive suite of financing solutions coupled with extensive in-house support for underwriting, legal, and asset management functions.
About Lone Star PACE
Lone Star PACE plays a vital role as a program administrator for the C-PACE programs in Texas. By collaborating with local governments, economic development authorities, and contractors, Lone Star PACE is dedicated to amplifying economic development while promoting energy conservation initiatives. Its mission aligns with enhancing property values and improving cash flow for property owners.
Contact Information
Lesley Osborn
Senior Manager, Marketing & Communications at Nuveen Green Capital
Email: Lesley.Osborn@Nuveen.com
Olivia Lueckemeyer
Director of Marketing & Media Relations at Lone Star PACE
Email: Olivia@LoneStarPACE.com
Frequently Asked Questions
What is C-PACE financing?
C-PACE financing offers property owners low-cost, long-term capital specifically for energy and water efficiency improvements in commercial buildings.
How much financing did Nuveen Green Capital and Lone Star PACE secure?
They facilitated $9 million in C-PACE financing for Cityscape Star Apartments.
What are some benefits of C-PACE financing?
It provides affordability and flexibility, enabling property owners to access funds before, during, or after construction for sustainable improvements.
What sustainable features does Cityscape Star Apartments have?
The apartments are designed with high-efficiency windows, HVAC systems, and energy-saving amenities that significantly reduce electricity and water use.
Who can benefit from C-PACE financing?
Property owners looking to invest in energy-efficient upgrades and environmental sustainability can take advantage of C-PACE financing programs.
