Ashford Yard Rendering
HOUSTON, April 17, 2026 (GLOBE NEWSWIRE) — Nuveen Green Capital, a leader in sustainable commercial real estate financing solutions, in conjunction with Lone Star PACE, the leading administrator of Commercial Property Assessed Clean Energy (C-PACE) financing in Texas, today announced the closing of an $8 million C-PACE transaction for Ashford Yard, a new 83,000-square-foot multitenant retail development coming soon to Houston.
The project, located at 12550 Briar Forest Drive, will feature 62,301 square feet of general retail space alongside a 21,000-square-foot anchor space pre-leased to Ashford Beer Garden, creating a dynamic retail and dining destination in Houston’s Energy Corridor area.
The sponsor is leveraging C-PACE to finance a comprehensive suite of energy and water efficiency improvements, including high-efficiency building envelope and windows, upgraded HVAC systems, enhanced lighting fixtures, and domestic hot water systems with low-flow plumbing fixtures.
These improvements are expected to reduce the property’s annual energy usage by 17% and water consumption by 76%, significantly lowering operating costs while enhancing long-term asset performance.
Chris Ellis, Senior Director of Originations at Nuveen Green Capital, said: “It was a pleasure to partner with Lone Star PACE to help capitalize the exciting new Ashford Yard project in Houston. By incorporating C-PACE financing into their capital stack, the Sponsor was able to fund this significant retail development more cost-effectively while reducing recourse and eliminating the need for additional equity.”
C-PACE is a state-enabled mechanism that provides long-term, fixed-rate, non-recourse financing for energy efficiency, water conservation, and renewable energy improvements.
For new construction projects like Ashford Yard, C-PACE can fund up to 35% of the capital stack, often replacing more expensive mezzanine debt or equity and reducing the project’s overall weighted average cost of capital.
Lee McCormick, President of Lone Star PACE, said: “Ashford Yard is a strong example of how developers are leveraging C-PACE to deliver high-quality retail environments while meaningfully reducing operating costs. By incorporating energy- and water-efficient systems from the outset, the sponsor is not only enhancing the long-term value of the asset but also aligning with the growing demand for more efficient, resilient commercial properties. We appreciate the support of Nuveen Green Capital and the Sponsor in making this endeavor a success.”
About Nuveen Green Capital
With over $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. To learn more visit Nuveen.com/greencapital.
About Lone Star PACE
Lone Star PACE serves as a program administrator for city and county C-PACE programs across Texas. The firm works with local governments, property owners, and capital providers to facilitate financing for energy and water efficiency improvements that enhance property value, reduce operating costs, and support economic development.
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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.
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
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/14e44327-40a7-4490-95e6-40dffc440a8d
