Darien, CT (March 21, 2022) – Nuveen Green Capital, a leading provider of C-PACE capital and sustainable commercial real estate financing solutions, announced today a partnership with Clearwater Capital Management (“Clearwater”), a prominent real estate investment and advisory firm based in New York.
The partnership will expand Clearwater’s capital solutions offerings with the launch of Clearwater PACE which will be dedicated to Commercial Property Assessed Clean Energy (C-PACE). C-PACE is a financing tool that enables commercial real estate owners to access low-cost, long-term, non-recourse financing for sustainability improvements including energy efficiency, water conservation, and renewable energy projects.
Authorized by a state-level government policy that classifies clean energy upgrades as a public benefit, these upgrades can be financed with no money down and then repaid as a benefit assessment on the property tax bill over a term that matches the useful life of improvements and/or new construction infrastructure. C-PACE transactions across the US have eclipsed $2B and over 35 states throughout the country have passed legislation to allow C-PACE financing.
“Jonathan Seabolt and Clearwater are leaders in the C-PACE market and we look forward to working with them in a strong and sustained partnership,” said Aaron Kraus, Vice President of Market Development and Strategy for Nuveen Green Capital.
“We are thrilled to partner with Nuveen Green Capital, who are leaders and pioneers in the C-PACE space. We specialize in PACE financing across 26 states in the U.S. in addition to D.C. C-PACE financing structures are designed to reduce carbon emissions by providing lower cost financing options and our partnership will help us more efficiently and more effectively meet the rapidly growing demand for alternative financing solutions,” said Jonathan Seabolt, Founder and Managing Partner of Clearwater Capital Management.
About Nuveen Green Capital
Nuveen Green Capital is a national leader in sustainable commercial real estate financing solutions and an affiliate of Nuveen, the investment manager of TIAA responsible for $1.2 trillion in assets under management as of September 30, 2021. Established in 2015 by the C-PACE industry’s founders and standard-setters, Nuveen Green Capital is a private capital provider dedicated to making sustainability a smart financial decision for commercial real estate owners who seek to improve the energy, water and resiliency performance of their property. For more information, visit www.nuveen.com/greencapital.
About Clearwater Capital Management
Clearwater Capital Management LLC d/b/a Clearwater PACE (“Clearwater”) is a New York-based Real Estate Investment Advisory Firm that helps commercial real estate developers and owners secure the best debt, equity, and C-PACE financing terms and executions based on its well-established relationships in the capital markets. Clearwater’s team is comprised of real estate investment professionals rooted in operational excellence backed by their professional experience in Real Estate Private Equity and Investment Banking. For more information, visit www.c-pace.com.