DALLAS, Jan. 06, 2026 (GLOBE NEWSWIRE) — Nuveen Green Capital, a leader in sustainable commercial real estate financing solutions, in conjunction with Lone Star PACE, a leading administrator of Texas’ C-PACE programs, has facilitated $21.9 million in C-PACE financing for Ironwood at Princeton. This new Class-A multifamily community is planned for 599 W. Princeton Drive in the rapidly growing DFW suburb of Princeton, Texas.
The 265,000-square-foot development will feature 306 units spread across 14 buildings at full build-out. The property owner is using Commercial Property Assessed Clean Energy (C-PACE) financing to fund critical energy and water-saving measures.
C-PACE-funded improvements include high-efficiency building envelope features, HVAC systems, LED lighting, domestic hot water systems, and low-flow plumbing fixtures. These upgrades are expected to reduce the property’s annual electricity and water usage by 25% and 20%, respectively, significantly lowering utility costs and enhancing the asset’s long-term value.
Sean Ribble, Senior Director of Originations at Nuveen Green Capital, said: “We were thrilled to partner with the Sponsor and Lone Star PACE to capitalize this exciting new project in the fast-growing city of Princeton. By leveraging C-PACE to complete their mid-stream construction capital stack, the Sponsor will realize meaningful savings while building sustainably and providing the community with state-of-the-art residences.”
C-PACE is a state-enabled financing mechanism that allows property owners to access low-cost, long-term, fixed-rate financing for energy efficiency, water conservation, and renewable energy improvements.
For new construction projects like Ironwood at Princeton, C-PACE can be used to fund up to 35% of the capital stack, replacing more expensive mezzanine debt or equity. This lowers the weighted average cost of capital and allows developers to build a more high-performing asset.
Lee McCormick, President of Lone Star PACE, said: “Ironwood at Princeton is a prime example of how C-PACE can drive sustainable growth in high-demand markets like North Texas. Together with Nuveen Green Capital, we were able to provide access to a capital solution that not only lowers the weighted average cost of capital for the developer but also ensures this new community is built with long-term resource efficiency in mind. We are proud to facilitate financing that enhances property value while aligning with the region’s broader economic and environmental goals.”
Located in Collin County, one of the fastest-growing regions in the nation, Princeton is seeing increased demand for high-quality housing. By incorporating sustainable design elements funded through C-PACE, Ironwood at Princeton aligns with modern development standards that prioritize resource efficiency and tenant comfort.
About Nuveen Green Capital
With over $4 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 Commercial Property Assessed Clean Energy (C-PACE) programs in Texas. LSP helps local governments, economic development corporations, chambers of commerce and trade associations promote economic development and resource conservation by facilitating C-PACE projects alongside property owners, capital providers, contractors, and other stakeholders. The company’s goal is to promote sustainability and increased property values while positively impacting cash flow and utility savings. For more information, visit www.lonestarpace.com.
Media Contacts
Lesley Osborn
Senior Manager, Marketing & Communications at Nuveen Green Capital
[email protected]
Olivia Lueckemeyer
Director of Marketing & Media Relations at Lone Star PACE
[email protected]
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2b4f5f4c-ad2d-4abc-ae99-ba201586a1db
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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.