Monday, August 26, 2024 Nuveen Green Capital (NGC) has announced the completion of an impressive $190 million C-PACE (Commercial Property Assessed Clean Energy) financing deal for Virgin Hotels Las Vegas. This pioneering project is the first of its kind in Clark County, setting a record as the largest C-PACE initiative in Nevada and securing its place as the second largest in the nation. C-PACE financing provides essential support for commercial properties to undertake energy efficiency and renewable energy improvements.
This innovative funding mechanism offers long-term, fixed-rate financing through property tax assessments, enabling significant sustainability upgrades that might otherwise be prohibitive due to cost constraints. Cory Jubran, Senior Director, Originations, Nuveen Green Capital said, “We could not be prouder to have partnered with HRHH PropCo, LLC to recapitalize the impressive Virgin Hotel Las Vegas – the largest C-PACE transaction in Nevada, and the second largest-ever C-PACE financed deal in the country. As the C-PACE industry continues to scale exponentially, both in how often it is being utilized, as well as in deal size, this underscores how impactful and cost-efficient it can be to finance projects pre-, mid-, or post-construction.
” “This was an important part of our go-forward strategy, said Cliff Atkinson, President of Virgin Hotels Las Vegas. “C-PACE decreased our cost of capital, which will provide tremendous value to all stakeholders, and.