Darien, CT (April 18, 2022) – Nuveen Green Capital, a leader in sustainable commercial real estate financing solutions, announced today that it has financed the first two C-PACE projects to close in Oklahoma County, OK – $1.1M for 301 NW 13th Street in Oklahoma City and $545K for 3451 SE 44th Street in Del City.
Commercial Property Assessed Clean Energy (C-PACE) provides commercial property owners access to low-cost, long-term, fixed-rate capital for energy efficiency, water conservation, and renewable energy improvements that are paid back over a 20+ year term through a special property assessment.
Pivot Project, Oklahoma City-based developer of 301 NW 13th Street, was able to utilize $1.1M in C-PACE financing to recapitalize recently completed energy efficiency upgrades on existing office and retail space, inclusive of windows, HVAC, electrical and building envelope.
“We had such a positive experience working with Nuveen Green Capital on closing our first C-PACE loan. C-PACE allowed us to capitalize on energy improvements of an adaptive reuse project while boosting our investor returns. Since this was a new program for us and our county, Nuveen Green Capital was instrumental in guiding us through the process and were excellent in following through. We are grateful to have them as a partner and look forward to working with them in the future,” said Candace Baitz, Partner, VP of Acquisitions and Development at Pivot Project.
“The 13th and Harvey project is a perfect example of how C-PACE can help provide a key piece of financing,” added Keith Kuhlman, Director of Special Projects for the Alliance for Economic Development of Oklahoma City. “This building was a former automobile dealership that was remodeled for offices and a fabrication shop, bakery and cafe. The developer used C-PACE financing to upgrade the building’s windows, HVAC system and thermal and moisture improvements for the exterior of the building.”
A multifamily property in Del City, “The Heights,” is also undergoing a multi-measure C-PACE renovation, incorporating building systems that will improve unit quality for its tenants, increase energy efficiency, and reduce future capital expenditures.
Roger Gault of Gault Company and Robert Gunby of RTG Capital, in a joint statement, commented that “Nuveen Green Capital has been a great partner on this project, guiding us through our first C-PACE loan closing. C-PACE is enabling us to fund much-needed energy improvements at our property as part of a larger renovation, which is allowing us to retain our operating reserves. We look forward to partnering with Nuveen Green Capital on upcoming projects.”
“We are proud to have expanded our offering into Oklahoma City and the surrounding areas with the first two C-PACE project closings, back-to-back. We appreciate the trust placed in our team by both sponsors to fund their first C-PACE transactions, and look forward to continue developing a strong relationship with them on future opportunities. We view our product as a significant value-add for Oklahoma City’s local and regional developers, and see unlimited opportunity to help the commercial real estate business community,” said Sean Ribble, Senior Director of Originations at Nuveen Green Capital.
About Nuveen Green Capital
Nuveen Green Capital is a national leader in sustainable commercial real estate financing solutions and an affiliate of Nuveen, the $1.2T asset manager and wholly owned subsidiary of TIAA. The company, which was established by the C-PACE industry’s founders and standard-setters, has grown to offer a market-leading suite of accretive financing products for commercial real estate owners who seek to improve the energy, water, and resiliency performance of their property. Nuveen Green Capital is a private capital provider dedicated to making sustainability a smart financial decision for the commercial real estate market. For more information, visit nuveen.com/greencapital.