The 116-unit facility at 1812 Hickory Street is a newly constructed apartment building. C-PACE financing proceeds helped refinance previously installed sustainable building components, including high-efficiency windows and walls, elevators, HVAC, low-flow plumbing, domestic hot water and LED lighting.
Sean Ribble, Senior Director of Originations at Nuveen Green Capital, said: “It was a pleasure to partner with Slatt Capital and Citizens 1st Bank to provide C-PACE financing to recapitalize the recently completed Cityscape Star Apartments in the developing Cedars area of Dallas. The use of C-PACE for this project enabled the Sponsor to realize significant savings. This transaction also underscores our financing platform’s flexibility as a mechanism to fund projects post-construction.”
C-PACE allows property owners to access low-cost, long-term financing for energy and water conservation systems at commercial buildings.Property owners can leverage C-PACE financing before, during or after construction.
Lee McCormick, president of Lone Star PACE, said: “Cityscape Star is a prime example of how C-PACE can enhance the capital stack for newly completed projects while advancing long-term conservation goals. We’re proud to support forward-thinking developers who are investing in more sustainable housing in the heart of Dallas.”
In addition to its state-of-the-art units, Cityscape Star offers a range of high-end amenities, including panoramic skyline views, a rooftop lounge, pet services and a fitness center. C-PACE-funded improvements are expected to reduce the property’s annual electricity and water use by roughly 47% and 22%, respectively, which could result in utility savings of more than $4.3 million over the 30-year term.
About Nuveen Green Capital
With over $3.5 billion originated, Nuveen Green Capital is a national leader in sustainable commercial real estate financing solutions and an affiliate of Nuveen, the $1 trillion+1 asset manager and wholly owned subsidiary of TIAA. The company, which was founded by C-PACE industry pioneers who helped design the nation’s first successful statewide C-PACE program2, has grown to offer a market-leading suite of accretive CRE financing products and a full-service lending platform with all underwriting, legal, and asset management functions executed in-house.
About Lone Star PACE
Lone Star PACE serves as a program administrator for city and county Commercial Property Assessed Clean Energy (C-PACE) programs in Texas. LSP helps local governments, economic development corporations, chambers of commerce and trade associations promote economic development and resource conservation by facilitating C-PACE projects alongside property owners, C-PACE capital providers, contractors and other stakeholders. The company’s goal is to promote sustainability as well as increased property values while positively impacting cash flow and utility savings. For more information, visit www.lonestarpace.com.
Media Contacts
Lesley Osborn
Senior Manager, Marketing & Communications at Nuveen Green Capital
Lesley.Osborn@Nuveen.com
Olivia Lueckemeyer
Director of Marketing & Media Relations at Lone Star PACE
Olivia@LoneStarPACE.com
1 Total assets under management (AUM) as of 1/1/2025
2 The United States Department of Energy: 2016 C-PACE Report lists the Connecticut C-PACE program as the first statewide C-PACE program in the U.S.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0c076cfe-020b-4287-b581-113f2afd35f2
