Ones To Watch: Innovators In Commercial Real Estate: Irwin Tejeda, Nuveen Green Capital

Innovation Highlight:
As a team lead, I am most proud of my team’s execution on over $1BN of closed transactions over the last twelve months, including the landmark C-PACE closing on Winthrop Center in Boston. We provided $281M in C-PACE financing, the largest in New England, bifurcating the capital stack on the unsold condos alongside Morgan Stanley’s $575M CMBS loan on the office. This structure enabled the Sponsor to minimize their cost of capital while maximizing their business plan.

Industry Outlook:
C-PACE is a fluid public-private partnership that continuously evolves to meet local commercial real estate demands nationwide. The Geneva, a $465M C-PACE financing converting a 14-story DC office building into 532 luxury units, was made possible by legislative changes that added embodied carbon as an eligible measure under DC’s C-PACE program. NYC later followed suit, unlocking further conversions. These ongoing program changes and C-PACE’s increasing product-market fit with developers, lenders, and municipalities excite me most.