Nuveen Green Capital closes largest C-PACE deal in San Antonio

Nuveen Green Capital, a leader in sustainable commercial real estate financing solutions, and the Texas PACE Authority, the administrator of 92 PACE programs in Texas, along with CBRE, the global leader in commercial real estate services and investments, announced the closing of the Curio Collection by Hilton Hotel in San Antonio, Texas. This closing marks Texas’ largest C-PACE (Commercial Property Assessed Clean Energy) transaction to date.

C-PACE is a creative financing mechanism that provides commercial property owners and developers access to low-cost, long-term, fixed-rate financing for energy efficiency, water conservation, renewable energy, and resiliency commercial real estate projects.

Located in downtown San Antonio’s Hemisfair District, the Curio Collection by Hilton Hotel is situated on roughly 1.5 acres near the intersection of South Alamo and Market streets. The ground-up development of this 17-story, luxury, full-service hotel will feature 200 guest rooms, ballroom and meeting spaces, a signature restaurant and bar, café, a rooftop bar, an underground speakeasy bar, terrace pool with cabanas, a full-service spa, a fitness center, ground floor retail space and a public garden. When complete, this hotel is slated to be the most luxurious in the area as the city continues its economic revival. Overland Partners Architects designed the full-service property, which will be owned and operated by Zachry Hospitality as a Curio Collection by Hilton.

The C-PACE proceeds will fund key sustainability measures including envelope, lighting, and plumbing.

The Texas PACE Authority administers Texas’ PACE statute by taking a market-based approach to energy finance and economic development by facilitating energy and water improvements that are both economically sound and environmentally friendly. The Texas PACE Act was passed by the Texas Legislature in 2013 and The Texas PACE Authority has facilitated $450 million in PACE financing throughout Texas.

Construction of the 200-room hotel is expected to begin this fall with a target to open its doors to guests in late 2025.