2025 Ones to Watch - Rising Stars: Sarah Xu, Nuveen Green Capital

“In two years, NY-based Sarah has made an impact by driving noteworthy results, overseeing some of the largest deals since NGC’s founding 10 years ago, including the second largest C-PACE-financed transaction to date ($220 million). With profound business acumen, attention to detail and an unparalleled work ethic, Sarah has enabled the firm to realize successes, while facilitating the expansion of C-PACE financing. Beyond this, Sarah has what we call “Grit and Sparkle,” a company term for someone who is a team player, consistently positive as they push boulders up mountains.” - Kate Cusack, Managing Director, Head of Production, Nuveen Green Capital.

What recent professional milestone or project are you most proud of, and why? I am incredibly proud of leading my team to execute over $600 million in C-PACE deals last year, which accounted for about 25% of all C-PACE originations in 2024. Additionally, we closed the second and third largest C-PACE deals ever. C-PACE is a dynamic industry, and I take great pride in helping to redefine its uses across the sector. The project I am most proud of is always the next deal I will close.

What’s one challenge you’ve overcome in your career so far, and what did it teach you? One significant challenge I recently overcame was returning to work after giving birth to my son. This experience helped me maintain perspective on the bigger picture and the impact of my work. Whether we are financing an energy-efficient multifamily community, converting an underutilized office building into a hotel, or providing funds to bridge a project to stabilization, we are contributing to the health and sustainability of buildings and communities.

What is your top advice for someone just starting out in your field? My top advice for someone starting out in the field is to go where the action is! Whether on the equity or debt side, you will learn a lot at a firm with a dynamic portfolio and high transaction volume—recapping, refinancing, constructing, redeveloping, acquiring, or disposing. This exposure allows you to handle various types of deals and interact with industry players, giving you a comprehensive overview of the real estate landscape. “Drinking from the firehose” is how I started in the industry, and I advocate for continuing this approach.