Nuveen Green Capital has successfully secured $220 million in C-PACE financing for 200 Park Ave, a newly completed office property in San Jose. This transaction is reportedly the second largest of its kind nationwide to date.
The funds will be used to recapitalize the building’s extensive sustainability and resiliency measures. By taking advantage of C-PACE’s flexible structure, longer terms, and attractive economics, sponsor Jay Paul Company was able to refinance their existing construction loan and continue executing their business plan for the property – currently the tallest building in downtown San Jose.
According to Cory Jubran, Senior Director of Originations – West Coast Head at Nuveen Green Capital: “In just over a year, we have provided approximately $700 million in C-PACE financings on the West Coast alone. This further demonstrates how widely adopted this product has become.”
JLL Capital Markets’ debt advisory team represented Jay Paul Company during this transaction with Director Matt Cimino and Senior Managing Director Bruce Ganong leading negotiations.
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