DARIEN, Conn., Dec. 16, 2021 /PRNewswire/ -- Greenworks Lending
from Nuveen, the nation's leading C-PACE capital provider dedicated
to funding energy performance-enhancing commercial, multi-family
and non-profit real estate projects, announced today that it has
closed on the largest securitization of C-PACE backed assets in a
private offering to qualified institutional buyers pursuant to Rule
144A under the Securities Act of 1933.
The transaction totaled $173M in
asset backed notes collateralized by commercial property assessed
clean energy assets, with the senior tranche receiving a AAA rating
from DBRS Morningstar. Truist Securities, Inc. served at
structuring agent and joint bookrunner, Guggenheim Securities, LLC
served as joint bookrunner, and ING Financial Markets LLC served as
co-manager. Truist Securities, Guggenheim, and ING served as
co-green structuring agents.
"This is the first 144A C-PACE transaction in over three years,
signaling the arrival of the C-PACE market and its mission to
mitigate climate change as an established asset class. By expanding
Greenworks' investment base and creating a scalable issuance
structure, we are well set up to provide the most consistent and
competitive source of low-cost, institutional capital to real
estate owners looking to make smart energy investments in their
buildings," said Alexandra Cooley,
CIO & Co-Founder of Greenworks Lending from Nuveen.
"Greenworks continues to be a leader and an innovator in the
C-PACE market, having been the first to both securitize and make
C-PACE an institutional asset class. They have been the pioneer in
the C-PACE market and their vision has set them apart," said
William Huffman, Head of Nuveen
Equities and Fixed Income. "This deal exemplifies the market's
support of Greenworks' mission to make sustainability a smart
financial decision for commercial real estate owners."
Greenworks Lending has been at the forefront of the C-PACE
industry since its inception. In 2017, Greenworks completed the
industry's first rated securitization of C-PACE assets.
Greenworks' recently completed 144A transaction reinforces the
organization as an innovator in the C-PACE capital markets space.
In addition to being the largest 144A securitization of C-PACE
assets to date, this transaction represents the first C-PACE
securitization with rated notes secured by net interest margin.
Led by several of the industry's policy developers and
standard-setters, Greenworks Lending is a private capital provider
uniquely dedicated to funding commercial real estate through
C-PACE. Greenworks has provided financing to hundreds of commercial
properties and is active in more than 25 states. Over the past
year, the market has grown significantly with first transactions
closing in New York City,
Chicago, Boston, and Philadelphia. More and more cities and states
are implementing this accretive financing tool as local governments
move to incentivize commercial property owners to be more energy
efficient, and owners seek to find more affordable ways to upgrade
their properties.
About Greenworks Lending from Nuveen
Greenworks is a
privately held company established in 2015 to originate Commercial
PACE financing. On April 12, 2021,
Nuveen, the global investment manager of TIAA, acquired Greenworks
Lending. Nuveen has $1.2 trillion in
assets under management as of September 30,
2021 and operations in 27 countries. Greenworks operates as
a subsidiary of Nuveen with all its staff employed by Nuveen
Services, Inc. For more information,
visit www.greenworkslending.com.
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SOURCE Greenworks Lending from Nuveen