- What CDPQ and Nuveen Green Capital plan to originate up to $815m of debt on U.S. properties
- Why The initiative reflects an effort to meet the growing need for commercial real estate financing
- What next The partnership is looking to provide bridge and construction debt for commercial properties that meet certain standards for energy efficiency and sustainability
CDPQ has teamed up with Nuveen Green Capital to originate debt packages on U.S. properties, including commercial Property Assessed Clean Energy financing, Green Street News can reveal.
The Québec City-based investment manager and Nuveen Green, of Darien, Conn., aim to invest US$600m ($815m) via the joint venture. The partnership is targeting opportunities, primarily sourced by Nuveen Green, to provide bridge and construction financing for commercial properties that meet certain standards for energy efficiency and sustainability.
Each deal would comprise traditional senior debt and/or C-PACE financing, the latter of which can be originated in 40 states and Washington. C-PACE loans are repaid via assessments collected with property taxes.
The joint lending initiative reflects an effort to build a “one-stop shop for bridge and construction loans to meet the growing need for commercial real estate financing,” said Nuveen Green chief executive Jessica Bailey.
It also combines “our long-term capital with Nuveen Green Capital’s extensive expertise to offer a sustainable integrated financing solution,” said executive vice president Marc Cormier, CDPQ’s head of fixed income.
CDPQ, also known as Caisse de Dépôt et Placement du Québec, managed $453bn of assets on behalf of pension plans and insurers as of midyear.
Bailey and Alexandra Cooley, Nuveen Green’s chief investment officer, founded the C-PACE lender firm in 2015. Originally called Greenworks Lending, it was acquired in 2021 by Nuveen, the investment-management arm of New York-based TIAA.
