## Nuveen Green Capital Closes Second Largest C-PACE Deal for San Jose’s Iconic 200 Park Avenue
Nuveen Green Capital (NGC), a leading provider of sustainable commercial real estate financing solutions, has announced the successful closing of a $220 million C-PACE financing for 200 Park Avenue in San Jose, California. This groundbreaking transaction marks the second largest C-PACE-financed project in the United States, showcasing the increasing appeal of C-PACE as an innovative and attractive financing option for commercial real estate projects.
C-PACE, or Commercial Property Assessed Clean Energy,
provides flexible financing for new, ongoing, or recently completed commercial real estate projects. Available in 40 states and Washington D.C., C-PACE has gained significant traction as a compelling financing solution within the commercial real estate market. The $220 million C-PACE financing for 200 Park Avenue was utilized to recapitalize the building’s extensive sustainability and resilience features.200 Park Avenue, a recently completed 19-story, 965,000 square foot, Class-A office building,
stands as the tallest structure in downtown San Jose. Designed and developed by renowned real estate firm Jay Paul Company, this iconic building is a testament to cutting-edge design and technology. The LEED Gold-certified building boasts an impressive array of sustainable features, including:*
Solar PV arrays
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A VAC decoupled perimeter system
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High-efficiency lighting with optimized daylight controls
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Low-flow fixtures
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Insulated, high-performance envelope
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Low-E glazing and solar shading
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EV charging stations
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An innovative Concrete-Filled Composite Plate Shear Wall system
for enhanced seismic resilienceThe building also features spacious floor plans, 24,300 square feet of outdoor terraces, strategically placed light canyons for optimal natural light, four levels of underground parking, and a 20,500 square foot fitness and amenity center.
The flexibility, long-term nature, and attractive economics of C-PACE financing enabled the Sponsor to refinance their existing construction loan
, providing them with the financial flexibility to continue executing their business plan. This transaction underscores the ability of C-PACE to support large-scale commercial real estate projects.Cory Jubran, Senior Director of Originations – West Coast Head, Nuveen Green Capital
, stated, “We are incredibly proud to have provided an historic $220 million C-PACE facility for this exceptional, high-quality asset. The Jay Paul Company team has developed an iconic, ultramodern property in the heart of Silicon Valley. This deal not only represents the second largest C-PACE financed transaction in the country but also demonstrates the growing adoption and immense appeal of C-PACE as an alternative financing solution for institutional developers and commercial real estate owners.” He continued, “Given C-PACE’s flexible and attractive terms, we anticipate continued positive momentum on the West Coast and nationally.”Matt Lituchy, Chief Investment Officer for Jay Paul Companies
, expressed his gratitude for Nuveen Green Capital’s expertise, stating, “On behalf of the Jay Paul Company, I’d like to thank everyone at Nuveen Green Capital who made this unique and complex financing structure possible for our 200 Park project. The team successfully navigated us through the C-PACE process and provided one of the largest transactions of its kind. Their expertise and transparency throughout proved invaluable and resulted in a big win for all parties.”JLL Capital Markets’ Debt Advisory team, led by Director Matt Cimino and Senior Managing Director Bruce Ganong, represented the Sponsor. Ganong stated, “It was a coordinated team effort by all parties, and we are grateful for the relationships on both sides of the transaction and for the commitments that were required from both the lender and borrower to see this transaction through to its successful closing. We are pleased to have represented Jay Paul Company in this transaction, and we are thankful for the creative solution delivered by Nuveen Green Capital.”
This remarkable transaction highlights the increasing popularity of C-PACE financing, particularly on the West Coast
, as an effective and flexible financing solution for commercial real estate owners and developers. With this deal, Nuveen Green Capital has surpassed $3 billion in total originations volume, solidifying its position as a leader in sustainable commercial real estate financing.About Nuveen Green Capital:
Nuveen Green Capital is a national leader in sustainable commercial real estate financing solutions and an affiliate of Nuveen, the investment manager of TIAA, responsible for over $1 trillion in assets under management. Founded in 2015 by industry pioneers and standard-setters, Nuveen Green Capital is a private capital provider committed to making sustainability a smart financial decision for commercial real estate owners seeking to enhance the energy, water, and resilience performance of their properties.
About Jay Paul Company:
Established in 1975, Jay Paul Company is a privately held, opportunity-driven real estate firm recognized as one of the largest real estate developers in San Francisco. The company focuses on the acquisition, development, and management of prime commercial properties throughout California. Their talented management team’s skills and expertise consistently generate attractive returns for their investment and development partners. With a strong emphasis on creating best-in-class projects for leading technology firms, Jay Paul Company has successfully developed over eleven million square feet of institutional-quality space, with an additional six million square feet in its active development pipeline.
About JLL:
For over 200 years, JLL, a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage, and invest in various commercial, industrial, hotel, residential, and retail properties. As a Fortune 500 company with annual revenue of $20.8 billion and operations in over 80 countries worldwide, JLL’s more than 110,000 employees leverage the power of a global platform combined with local expertise. Driven by their purpose to shape the future of real estate for a better world, JLL helps its clients, people, and communities SEE A BRIGHTER WAY.
