Columbia Pacific & Nuveen Green Capital Lend $48M Full Stack for Townhome Project

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August 9, 2024

Columbia Pacific, Nuveen Green Capital Lend $48M on Seattle Area Townhome Project

Aidan McLaughlin, Director of Originations at Nuveen Green Capital, recently closed $20 million in C-PACE financing for the VP Companies’ planned River Run Townhomes, a 31-unit luxury townhome development in a master-planned, large-scale development located in Woodinville, WA, just northeast of Seattle. Nuveen Green Capital has closed $92 million in C-PACE financing for three projects within the same development, including this $20 million tranche of C-PACE.
 
McLaughlin shared, “A lot of people don’t really think of C-PACE when they think of townhomes, and we’re looking to change that notion since it’s actually a really effective form of financing for that.”

Columbia Pacific Advisors provided the $28 million senior loan refinancing a previous construction loan it originated in 2021. Will Nelson & Billy Meyer originated the senior debt.

Read more here.

Bayview closes $3.5MM of C-PACE for Mixed-Use Development in Yonkers, NY

Bayview PACE provides $3.5 million in C-PACE financing to refinance an energy efficiency retrofit on an existing mixed-use/multifamily retail asset.  

Read more here. 

Additional Color Re: North Carolina C-PACE

Senate Bill 802 established the “commercial property assessed capital expenditure” or “C-PACE” program to be administered by the Economic Development Partnership of North Carolina (“EDPNC”). Under the C-PACE program, owners of qualifying commercial property can apply to EDPNC to be approved for long-term financing provided by private lenders to pay for property improvements that include energy efficiency, water conservation, renewable energy, and resilience measures.

Repayment of the amount financed is secured by a voluntary assessment imposed on the improved property by a participating local government pursuant to an assessment agreement with the property owner. Upon recordation of a notice of the C-PACE assessment, a C-PACE lien arises and remains in place until the financed amount is repaid in full.

The C-PACE lien is inferior to all prior and subsequent state, local, and federal taxes or liens but is superior to all other liens on the property. A property owner applying for the program is required to obtain written consent to the C-PACE assessment from holders of any existing mortgages, deeds of trust, or other liens upon the property.

North Carolina property tax law allows property tax liens to be enforced through regular mortgage-style foreclosure or through simpler in rem foreclosure proceedings. Purchasers of property in either type of foreclosure generally take title free and clear of all liens except liens for other taxes or special assessments that are not paid from the proceeds of the foreclosure sale. The C-PACE legislation also provides that such purchasers take title subject to the C-PACE lien. These changes are effective July 1, 2024.

Source: Smith Anderson

Read more here.

Want to learn more about C-PACE? Get started with the articles below:

• What You Need To Know About C-PACE

• Step-By-Step Guide

• History of C-PACE

• Policy & Legislative Framework

• Eligibility of C-PACE

🔥 MOST READ POST FROM LAST WEEK 🔥 
Commercial Real Estate Hot Take with Greg Friedman of Peachtree Group.

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