Nuveen Green Capital Closes $220M C-PACE for San Jose Tower

Nuveen Green Capital closed on $220 million in C-PACE capital for 200 Park Ave., a recently completed office property in San Jose. Reportedly it’s the second largest C-PACE financed transaction nationwide to date.

The C-PACE financing was used to recapitalize the building’s extensive sustainability and resiliency measures. Capitalizing on C-PACE’s flexibility of structure, longer term and attractive economics, the sponsor, Jay Paul Company, was able to refinance the existing construction loan and continue to execute on its business plan for the property, currently the tallest building in downtown San Jose.

“In just a little over a year, Nuveen Green Capital has been able to provide approximately $700 million in C-PACE financings on the West Coast – further evidence of the broader adoption of the product,” said Cory Jubran, senior director of originations – West Coast head.

JLL Capital Markets’ debt advisory team representing Jay Paul Company was led by director Matt Cimino and senior managing director Bruce Ganong.

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