Nuveen Green Capital (NGC), a leading provider of Commercial Property Assessed Clean Energy (C-PACE) financing, announced today the closing of $63.97 million in C-PACE financing, administered through Invest Atlanta, to support the acquisition and renovation of the Westin Peachtree Plaza — a landmark 73-story, 1,073-room hotel in downtown Atlanta.
The sponsor, Portman, known for its architectural legacy and high-quality development, will deploy C-PACE proceeds to fund a 36-month, two-phase renovation of one of the tallest and most recognizable buildings in Atlanta. The financing allowed the sponsor to access long-term, fixed-rate, non-recourse C-PACE capital to support both the acquisition and the phased renovation, filling a gap in the capital stack that traditional financing structures often cannot accommodate for projects of this complexity and scale.
Largest C-PACE Financing in Georgia’s History This transaction represents the largest C-PACE financing in Georgia's history. This milestone reflects both the growing institutional adoption of C-PACE and its flexibility and capacity to finance large-scale projects — not only in the state of Georgia, but across the U.S.
C-PACE as a Sophisticated Capital Markets Tool for Institutional Developers The record-breaking transaction demonstrates the sophistication of C-PACE and its ability to partner with institutional property owners and developers — such as Portman — on large-scale projects, underscoring its evolution from a niche financing tool to a mainstream commercial real estate financing solution. As C-PACE adoption has grown across the industry, its ability to accommodate sponsor needs amid continued capital markets disruption has proven particularly valuable for complex financing transactions, contributing to the industry's continued growth, which has surpassed $15 billion in total volume.
Ryan Doyle, Senior Director of Originations, Nuveen Green Capital said, "We are extremely proud to have partnered with Portman, alongside BMO Bank N.A., to fund this landmark hotel property — the Westin Peachtree Plaza. Not only does this transaction mark the largest C-PACE financing in Georgia history, it underscores C-PACE's growing adoption as a tool to capitalize notable assets like this one. Through C-PACE's flexible financing structure, Portman will be able to reduce costs while preserving equity." The deal team at Nuveen Green Capital included Katie Canavan and Brian Krawiec.
“We are proud to partner with Nuveen Green Capital on the capitalization and renovation of one of Atlanta’s most iconic hotels,” said Kaunteya Chitnis, Managing Director of Hospitality at Portman. “The Westin Peachtree Plaza has defined Atlanta’s skyline for decades, and this financing structure enables a targeted renovation program that we believe will drive meaningful NOI growth, strengthen the asset’s competitive positioning and generate attractive risk-adjusted returns for our investors.”
Michael Watson, Managing Director, BMO Commercial Real Estate said, “BMO Bank N.A. is very excited to be part of this transaction and to partner with both Portman and Nuveen Green Capital in support of Portman’s long-term vision for this iconic hotel property in the heart of downtown Atlanta. This was a complicated acquisition and the parties worked together efficiently and collaboratively to achieve a timely closing.”
“Invest Atlanta is proud to help lead the growth of C-PACE in Georgia by issuing the bonds that give access to this innovative economic development tool that provides flexible, forward-looking financing and advances long-term sustainability goals,” said Dr. Eloisa Klementich, president and CEO of Invest Atlanta. “The Westin Peachtree Plaza is an iconic part of Atlanta’s skyline, and we’re excited to support the next chapter in its storied history, strengthening our downtown and positioning our city for continued growth as a global destination.”
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