Nuveen, the $1.2 trillion AUM investment manager of TIAA announced today the launch of Nuveen Green Capital, a new brand for its sustainable commercial real estate financing solutions business Greenworks Lending.
Greenworks – now Nuveen Green Capital – is a national leader in Commercial Property Assessed Clean Energy (C-PACE) financing. C-PACE is a program that enables building owners to borrow money for clean energy projects such as renewable energy or energy efficiency, with repayments made through an assessment on their property tax bill, providing a more affordable financing alternative to mezzanine debt and equity.
William Huffman, Head of Nuveen Equities and Fixed Income, said:
“Nuveen Green Capital’s makes sustainability a smart financial decision for real estate and investors aligns entirely with Nuveen’s focus on delivering alternative ESGEnvironmental, social, and governance (ESG) criteria are a set of standards for a company’s operations that socially conscious investors use to screen potential investments. investments to clients. The new brand reflects the future of the organization as a leader in financing the sustainable evolution of commercial real estate.”
Nuveen acquired Greenworks in Q2 2021, aiming to establish a foothold in the clean energy and energy efficiency lending market. Since the acquisition, the platform has double originations, expanded into 25 states, recruited 33 additional team members, and closed its first transactions in New York City, Chicago, Boston, and Philadelphia.
Jessica Bailey, Greenworks co-founder and CEO and President of Nuveen Green Capital, said:
“We are thrilled to launch our new brand. The Nuveen name amplifies our mission of reducing carbon emissions from the built environment and promoting sustainable real estate development; in addition, it will provide us faster and deeper market penetration as we continue to grow our core offerings and expand into green lending opportunities outside C-PACE, including focusing on solar lending.”
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