Darien, CT (November 7, 2022) – Nuveen Green Capital, a leader in sustainable commercial real estate financing solutions, announced today that it closed its second C-PACE (Commercial Project Assessed Clean Energy) project in the Boston area. (C-PACE is a creative financing mechanism that provides commercial property owners and developers access to low-cost, long-term, fixed-rate financing for energy efficiency, water conservation, renewable energy, and commercial real estate projects.)
Located at 480 William McClellan Highway, in East Boston near Logan Airport, the building is a multi-tenant industrial warehouse occupied by JetBlue, FedEx and Forward Air. Nuveen Green Capital provided $1.1MM in C-PACE financing in partnership with MassDevelopment (the state’s development finance agency and land bank), for the building retrofit, which included energy efficiency measures, such as upgrades to the HVAC system, a full roof replacement, high efficiency interior and exterior LED lighting, as well as building envelope upgrades, including air sealing and window and door weatherization. These measures are estimated to save the property owner and its tenants over $764K and 3,876,705 kWh of energy during the expected life of the measures financed.
This marks the second project in Boston for Nuveen Green Capital, following its closing of an adjacent “sister” property at 440 McClellan Highway. In addition, it is also the firm’s first leasehold financed through C-PACE, and its first project with consent received from a government entity, Massport, as the lessor.
“We are thrilled to be a partner with Nuveen Green Capital to help Cargo Ventures LLC move forward with these crucial energy upgrades,” said MassDevelopment President & CEO Dan Rivera. “We are committed to growing our portfolio of Commercial Green projects, financed through PACE Massachusetts and our entire toolbox of financing options; to give commercial and industrial property owners the flexibility they need to become more energy efficient and propel the Commonwealth to meet its energy goals.”
“We are excited to have closed our second Boston-based C-PACE project with MassDevelopment. We are confident there will be many more projects to come in this great state as we continue our collective efforts to reduce carbon emissions and mitigate climate change,” said Mike Doty, Originations Director of 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 investment manager of TIAA. 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.
MassDevelopment, the state’s development finance agency and land bank, works with businesses, nonprofits, banks, and communities to stimulate economic growth across the Commonwealth. During FY2022, MassDevelopment financed or managed 356 projects generating investment of more than $1.69 billion in the Massachusetts economy. These projects are estimated to create or support 11,080 jobs and build or preserve 1,778 housing units.