{"id":1004421523,"date":"2020-04-21T05:09:15","date_gmt":"2020-04-21T13:09:15","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004421523"},"modified":"2020-04-21T07:07:11","modified_gmt":"2020-04-21T15:07:11","slug":"greenworks-lending-raises-150m-in-capital","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/greenworks-lending-raises-150m-in-capital\/","title":{"rendered":"Greenworks Lending Raises $150M in Capital"},"content":{"rendered":"
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DuPont Building in Wilmington, Del. Image courtesy of Greenworks Lending<\/em><\/p><\/div>\n

Greenworks Lending fortifies its ability to offer Commercial Property Assessed Clean Energy (C-PACE) financing amid the economy-ravaging spread of COVID-19 with the raising of committed capital from Nuveen. Nuveen, the investment manager of TIAA, recently came through with a $150 million investment.<\/p>\n

Greenworks remains the largest provider of C-PACE financing in the U.S.<\/a>, and with Nuveen’s capital commitment, the firm is well-positioned to continue supporting owners and developers of commercial, multifamily and non-profit real estate who are seeking assistance through the energy financing program. With loans from Greenworks, owners get the monetary backing to address obligations ranging from energy-saving retrofits, rehabilitations and repositionings, as well as the completion of capital stacks. The new Nuveen investment is a timely transaction.<\/p>\n

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READ ALSO:<\/strong> What\u2019s Next for C-PACE Financing?<\/a><\/p>\n

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“Prior to COVID hitting, we were seeing a huge number of new construction deals apply for financing. With COVID, cash preservation is a primary concern for many business owners, so we\u2019ve seen a shift in demand toward providing liquidity for stabilized buildings or additional capital for buildings where construction is already underway,”<\/em> Alexandra Cooley, co-founder & COO of Greenworks Lending, told Commercial Property Executive<\/em>. Guggenheim Securities LLC structured the deal with Nuveen, which marked the investment manager’s third capital commitment to Greenworks in three years.<\/p>\n

Another Good Year<\/strong><\/h2>\n

2020 had already proved to be a busy year for Greenworks before the coronavirus took hold in the U.S. The lender, which provides financing in 22 states and the District of Columbia, has closed on a host of deals, including the first C-PACE financing transaction in the State of Delaware.<\/p>\n

\"\"

Alexandra Cooley, Greenworks Lending. Image courtesy of Greenworks Lending<\/em><\/p><\/div>\n

Greenworks provided $3.9 million in upfront capital for energy-efficient upgrades at the historic 1 million-square-foot DuPont building in Wilmington. Currently, the global headquarters of The Chemours Co., the DuPont Building is undergoing a redevelopment at the hands of owner The Buccini\/Pollin Group and will ultimately be reintroduced as a mixed-use destination. The Greenworks-funded energy-efficient upgrades will yield estimated savings totaling roughly $14.2 million over the lifespan of the equipment and will support environmental benefits equivalent to the reduction of 2,670 metric tons of CO2 emissions on an annual basis.<\/p>\n

“As C-PACE availability has expanded across the country, we\u2019ve seen a huge uptick in demand from sponsors and developers in the past five years because the value proposition is so strong and C-PACE financing can meaningfully bring down the cost of capital for developers,”<\/em> Cooley added.<\/p>\n","protected":false},"excerpt":{"rendered":"

The nation\u2019s largest provider of C-PACE financing secured the commitment from Nuveen. <\/p>\n","protected":false},"author":969,"featured_media":1004421544,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,23891,21742,21747,21786],"tags":[49246,49159,49243,37491,33460],"class_list":["post-1004421523","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-national","category-latest","category-office","category-sustainability","tag-alexandra-cooley","tag-greenworks-lending","tag-guggenheim-securities","tag-nuveen","tag-tiaa"],"acf":[],"yoast_head":"\nGreenworks Lending Raises $150M in Capital - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/greenworks-lending-raises-150m-in-capital\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Greenworks Lending Raises $150M in Capital\" \/>\n<meta property=\"og:description\" content=\"The nation\u2019s largest provider of C-PACE financing secured the commitment from Nuveen.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/greenworks-lending-raises-150m-in-capital\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2020-04-21T13:09:15+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-21T15:07:11+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/04\/DuPont-Building-in-Wilmington-Del.-Image-courtesy-of-Greenworks-Lending.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/greenworks-lending-raises-150m-in-capital\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/greenworks-lending-raises-150m-in-capital\/\",\"name\":\"Greenworks Lending Raises $150M in Capital - 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